MONERO (XMR) Long-Term Price Forecast

Fibo Quantum

XMR/USD Long-term Trend: Ranging

moner lt 3 1024x525 - MONERO (XMR) Long-Term Price Forecast
Supply zone: $120.00, $140.00, $160.00
Demand zone: $80.00, $60.00, $40.00

XMR long-term outlook remains in a range-bound market. The strong bullish pressure within the range started weakening at $112.35 in the supply area on 23rd October. The formation of bearish tweezer top confirmed the bears full take over.

The bearish momentum was sustained as XMRUSD made a low of $106.58 and $102.71 on 26th and 28th October respectively.

Price is below the two EMAs and the stochastic oscillator is in the oversold region at 18%. These suggest further downward price movement within the range as the bears’ pressure becomes much stronger.

The cryptocurrency is in consolidation and trading between $115.26 in the upper supply area and at $100.74 in the lower demand area of the range. Patience should be exercised during this period. A breakout at the upper supply area would be good for long position while a breakdown at the lower area would serve for short position with reversal candles formation as confirmation in either scenario.




The views and opinion as expressed here do not reflect that of and do not constitute financial advice. Always do your own research