XMR/USD Long-term Trend: Ranging
Supply zone: $120.00, $140.00, $160.00
Demand zone: $80.00, $60.00, $40.00
XMR long-term outlook is in a range bound market. The failure of the bulls to sustained the momentum at $128.65 in the supply area led to the bears returned. Long-tailed doji formation followed by a large bearish engulfing on 24th September dropped XMR at $110.85. in the demand area.
The bears come back after the bullish pullback at $122.14 in the supply area pushed the coin further down to $107.80 in the demand area as XMR ranges.
The cryptocurrency is in consolidation and trading between $132.02 in the upper supply area and at $103.80 in the lower demand area of the range. Patience should be exercised during this period. A breakout at the upper supply area would imply long or breakdown at the lower area would mean short position.
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