XMR going into a tight range

 Key Highlights

  • XMR price faces resistance at the $120 supply zone
  • The market of Monero is likely to have a bullish or bearish breakout as it trades in a tight range
  • XMRUSD pair has reached the oversold region of the market, and the crypto’s price is likely to rise

Monero Current Statistics

The current price: $83

Market Capitalization: $1,432,294,240

Trading Volume: $67,483,292

Major supply zones: $100, $110, $120

Major demand zones: $70, $60, $50

Monero price analysis based on August 17 data

 On June 23, the crypto’s price traded and tested the $120 price level and was resisted. The market fell to the supply zone of $90. The bulls made another upward move but were resisted at the supply zone of $110 price level. On July 16, the crypto’s price fell and found support at the demand zone of $70 price level. This had been the scenario after the crypto’s price fall from the overhead resistance.

On August 6, the bulls tested the $100  supply zone but were overpowered. The market fell to the demand zone of $70 price level. The price of Monero is currently trading in a tight range and may have a bullish or bearish breakout. The good thing is, if the price breaks the supply zone of $90, the crypto’s price will rise and retest the $120 price level. But, in case the bears manage to break the $70 demand zone, the market will fall to the low of $50 price level.

Chart Indicators Reading

The Stochastic indicator is in the oversold region but below the 50% range, which indicates that the market is bearish. However, the blue band of the Stochastic indicator is making a U-turn above 20% range. This suggests that the bearish pressure is being exhausted and the crypto‘s price is likely to rise.

At the demand zone, if the bears break the lower trend line and the candlestick closes below it, the crypto’s price is likely to depreciate further. On the other hand, in the supply zone, if the bulls break the upper trend line, the market will resume its bullish trend. The MACD line and the signal line are sloping horizontally, indicating that price is fluctuating.

General Outlook for XMR

The price of Monero is ranging as it reaches the oversold region of the Stochastic indicator. The exponential moving averages tend slope along with the price action. The cryptocurrency’s price may rise if there is a bullish breakout. On the other hand, the coin may fall, if it encounters a bearish breakout.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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