XMR/USD pair followed a sideways trend last week. However, the price still continues to range in-between the territories of $128 and $102. The sturdy bearish pressure was lost after the waving drop in the price of the cryptocurrency to the buildup territories of $102. The come back of the bulls was confirmed by a bullish hammer candle and therefore the value 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 price is moving towards the new territory of $102 with the formation of pessimistic candles. The 4-day EMA along with the 50-day EMA on the daily chart seem to be interlocked to each another along with the price range between both 4-day EMA and 50-day EMA. The MACD with its bar chart is 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, the pair is expected resume its uptrend movement and higher distribution territory of $140 would be exposed. A break out at the higher space or breakdown at the lower space is close, so traders ought to be patient and wait before taking a any trade.
On the 4-Hour chart, Monero [XMR] is following a sideways trend. The cryptocurrency enters consolidation in its short-run outlook. After a pessimistic run towards the buildup territories of $102, rejection to the any further downward movement was seen with the formation of a doji and a bullish candle, as the bulls create a gradual come back.
Presently, value is below 4-day EMA along with the 50-day EMA whereas 50-day EMA is on top of the 4-day EMA that indicates that there’s a likelihood for the downward movement in the week. However, the coin could continue go among the certain range as MACD with its bar chart and its signal lines are on the zero level. Patience is the key expected at this period of time for a breakout at the higher space or breakdown at the lower space to occur before taking a 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.