Key Highlights
• XMR/USD market operations yet feature around $70 and $60 range zones.
• Bulls have moved the crypto-trade in a rallying mote above a March 12 main price decline-level.
• The bulls pushing with a low-weight currently may end trading in an upper range zone not far from a $70 mark afterward.
Monero (XMR) Price Analysis
• Major supply zones: $80, $90, $100
• Major demand zones: $50, $40, $30
In the persistent range trading moves, the USD slightly prevailed over the valuation of Monero on May 10 as price closely averaged a demand zone at $50 line. On May 12, the crypto struggled to swing up its position against the US dollar to eventually touch a high point at $70 on March 14. Now, XMR/USD pair’s price hovers between the $70 and $60 points.
Notably, the bulls have moved the crypto-trade in a rallying mote above the main price decline that emerged on March 12. But as at present, it seems there is a tough-line around the $70 mark. As a result of that, the market’s value still has to rebuild more energy below the line to, later on, have a decent stride.
Monero (XMR) Technical Indicators Reading
There has been a set-up of small Japanese trading candlesticks around the trend-line of the 14-day SMA trading indicator around $70 and $60 price zones. The 50-day SMA trend-line is underneath the smaller SMA closer below the $60 line. All of those indicate that XMR/USD market currently trades in a range-bound manner. The Stochastic Oscillators have placed between ranges 40 and 60. But, they now appear attempting to close the hairs around the range 60. And, that may either signal a continuation of range moves or the possibility of witnessing a return of lowering market positions afterward.
Conclusion
XMR/USD bulls may have to take more time, mustering up muscles below a key supply zone at $70 for a better upsurge in the market. However, if the bulls should continue with the current low-weight moves, they may only succeed at moving the crypto’s value to a bit higher range trading line from 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.