XMR/USD pair followed a sideways trend last week. However, the price stillcontinues to rangein-betweenthe territories of $128 and $102. Thesturdybearishpressure was lostafter the waving drop in the price of the cryptocurrency tothe buildup territories of $102. The come back of the bullswas confirmed by abullishhammer candleand therefore thevalue was up to the distribution territories of $128 before it started consolidating.
XMR/USD Pair Long-Term Ranging:
- Distribution Territory Range: $128, $140, $178,
- Accumulation Territory Range: $102, $77, $45
However currently,the priceis moving towardsthe newterritory of $102 with the formation ofpessimisticcandles. The 4-day EMAalong with the50-day EMA on the daily chartseem to be interlockedto each anotheralong with the price range betweenboth4-day EMA and 50-day EMA. The MACD with itsbar chartis on the zero level with the signal lines showing no direction indicates a continuation of a sideways trend.
In case the distribution level of $128 is broken, thepair is expectedresume its uptrend movement andhigher distribution territory of $140would beexposed. Abreak outat thehigherspaceor breakdown at the lowerspaceisclose,sotradersought tobe patientand wait before taking a any trade.
On the 4-Hour chart, Monero [XMR] isfollowing asideways trend. The cryptocurrency enters consolidation in itsshort-run outlook.Afterapessimisticrun towardsthe buildupterritories of $102, rejection to theanyfurther downward movement was seen with the formation of a doji and abullishcandle, as thebullscreatea gradualcome back.
Presently,valueis below 4-day EMAalong with the50-day EMAwhereas50-day EMA ison top ofthe 4-day EMAthatindicates thatthere’salikelihoodfor the downward movementin the week. However, the coincould continuegoamongthecertain rangeas MACD with itsbar chartand its signal linesareon the zero level. Patienceis thekey expected atthis period of timefor abreakoutat thehigherspaceor breakdown at the lowerspaceto occur before takinga stand.
- Traders patience is expected.
- The price is expected to break out this week.
- There is a possibility for a downtrend movement, following this week.