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. $47.03 in the supply area was the high of the week as the bears dominate the market to $42.08 in the demand area as the low of the trading week.
The bears ensured that the cryptocurrency stays below the 10-EMAs throughout the week just ending.
Price is obviously below the 10-EMA with the stochastic oscillator signal pointing down at 21% an indication of bearish continuation within the range.
The cryptocurrency is in consolidation and trading between $60.00 in the upper supply area and at $40.00 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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