XMR/USD Medium-term Trend: Bearish
Resistance levels: $110.50, $112.50, $124.50
Support levels: $100, $97.50, $95
Monero experienced a notable market decrease in its valuation last week while the 50-day SMA’s trend-line was breached southwards. It basically dropped along with the lower Bollinger Band until yesterday while it touched the $102 price level during the trading sessions.
A few hours later, the crypto managed to swing from the said spot to eventually bag a high market point a bit above the $106 price level today. Currently, the crypto has been traded between the $106 and the $104 price boundaries as the middle Bollinger Band is located in-between. The 50-day SMA is sharing the same location with the upper Bollinger Band. The Stochastic Oscillators have crossed below range 80 to point south a bit above range 60. That signifies that bears are much around the corner to take the driving charge of the market as long as bulls are unable to drive northwards past the current market high.
XMR/USD Short-term Trend: Ranging
Today, Nov. 12, the XMR/USD market has been witnessing a number of ups and downs in its movements within a range. Yesterday, the crypto recorded a significant amount of lower lows below the middle Bollinger Band trend-line.
The middle Bollinger Band has joined with the 50-day SMA. The stochastic Oscillators have joined together a bit below range 60 to seemingly start a consolidation move around it. A break of the $104 price level could result in revisiting the $102 last low.
It would be a good habit to let the market drop a bit southward during a volatile movement to detect a potential profitable long entry of this crypto.
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