- There has been a relative decline in the market valuation of XRM/USD.
- The bulls may soon build up their momentum around the Bollinger Lower Band.
XMR/USD Medium-term Trend: Bearish
- Resistance levels: $70, $72, $74
- Support levels: $58, $56, $54
The market stance of XMR/USD has been recording a relative diminishing return in its trading activities while it couldn’t break past $66 mark at testing on April 28. A few days back, the crypto was found moving in a range.
As at now, the market has been trading towards approaching a low point at $62. The 50-day SMA indicator is located over the Bollinger Bands. That testifies to the bearish pressure in the market to some extent. The Stochastic Oscillators now briefly point south at range 20.
The XMR/USD trade is still in the control of the bears, but now gradually being drawn downwards with faint force. Traders may need to exercise caution when exerting a position as the bulls may soon build up their momentum around the Bollinger Lower Band to avoid bears’ trap.
XMR/USD Short-term Trend: Bearish
There hasn’t been a heavy downfall in the short-term run of the XMR/USD today. But then, the market has been somewhat under a falling force while it failed to move northwards beyond a point at $64. Price has now been trading around a low price level at $62.50 point.
The 50-day SMA indicator is a bit located over the Bollinger Middle Band near the $64 mark. The Stochastic Oscillators now appear attempting to close hairs at range 20. That could a signal to getting set to witness a line of choppy price movements.
The XMR/USD market may soon be facing a consolidation price movement that could only last for a while in the short run. However, the pair may find support at the test of $62 mark while a reversal is expected to take its turn that could eventually give the bulls a decent entry of the market.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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