Key Highlights
- There has been a notable size of slight downs in the XMR/USD market worth.
- The value of XMR/USD may still lower southward to locate a demand line around $70.
- A line of consolidating moves is likely bound to occur around the $70 mark, which may afterward give way for a bullish rebound trend.
Major supply zones: $100, $110, $120
Major demand zones: $60, $50, $40
Monero (XMR) Price Analysis
XMR worth has been relatively overpowered by the US dollar while it couldn’t surge northward beyond $100 mark. The pair began to decline on February 15, to now trading averagely toward a low price point at $70.
The value of XMR may still lower southward to locate a demand line around $70 to rebuild its energy from there. That market point will be difficult for the counter currency to easily breach southward afterward.
Monero (XMR) Technical Indicators Reading
The 50-day SMA trend-line points to the north below the 14_day SMA trading indicator. And, the market trades within the space found between the SMAs. The bigger SMA is around $70 price zone, to spotlight the importance of the point in determining a further market depression if any afterward.
The Stochastic Oscillators have economically inactive in their downward movement to range 20. And, they are seemingly making an effort to close the hairs around the range mentioned earlier. In the long run, it could lead to differential choppy price movements, which may cause a difficult trading condition.
Conclusion
By the pace of this market strength determination tool, the MXR/USD price worth appears to set on a foundation building for the bulls to refigure their stance in the market. The bears’ potential of gaining the market advantage is extremely low, most especially that the major demand zone is sited at $60 mark. As a result of that sentiment, it would be more ideally practicable to be on the lookout for a decent bullish price action that may resume after a line of consolidating moves around the $70 mark.
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 (bitcoinexchangeguide.com) holds any responsibility for your financial loss.
