XMR/USD Long-term Trend: Ranging
Supply zone: $100.00, $110.00, $120.00
Demand zone: $30.00, $20.00, $10.00
XMR long-term outlook remains in a range-bound market. The week opened with a bullish marubozu candle with XMRUSD up at $56.53 in the supply area with the bulls poised for an upward journey to the upper supply area. But the bullish momentum was lost at $55.28 in the supply area on 7th January.
The bears taken over market control was confirmed on 10th January with a large bearish engulfing candle after a series of two inverted daily bearish doji. XMRUSD made a low of $44.27 in the demand area.
Price is below the two EMAs and the stochastic oscillator signal points down at 15% which implies downward momentum in as the days ahead within the range.
The cryptocurrency is in consolidation and trading between $60.50 in the upper supply area and at $38.50 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area will occur hence patience is required before taking a position.
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