- XMR/USD trade has been somewhat featuring its price movements within a range.
- In the short-term run of the XMR/USD market, the bulls may be finding support around both the Bollinger Lower Band and the 50-day SMA indicator.
XMR/USD Medium-term Trend: Ranging
- Resistance levels: $70, $72, $74
- Support levels: $62, $60, $58
There has been a kind of range extension and contraction in the XMR/USD market valuation under the sell trend-line of the 50-day SMA indicator. On April 12, the crypto-market during its range movements strived harder to touch a mark at $68. Shortly, the pair began to get drop slowly towards a low point at $64.
And, now, the market has a bit made a short correction from that price point to hover around $66 price mark. The Bollinger Upper Band and the 50-day SMA are now joined together at the $68 mark. The Stochastic Oscillators have crossed hairs within ranges 80 and 60. That suggests the possibility of having a continued range price movements around the current range spots.
Indicators have clearly had it that the $68 and $64 marks are now the well-defined market’s range points. Therefore, traders should be wary of the two points while placing their order.
XMR/USD Short-term Trend: Ranging
Today’s trading sessions have been featuring a series of significant short ups and downs around $67 and $66 marks of the XMR/USD market. Presently, the market has been fluctuating around the $66 lower range mark near the Bollinger Middle Band.
During the trading yesterday, the crypto managed to trade a bit over the $67 current upper range spot. The 50-day SMA and the Bollinger lower Band are a bit found over $65 mark. The Stochastic Oscillators are slightly dipped into the oversold zone to point south in it.
The conjoint of the Bollinger lower Band and the 50-day SMA may be serving as underlying indicators that the bulls would use to stage a decent come-back in 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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