XMR/USD Long-term Trend: Ranging
Supply zone: $100.00, $110.00, $120.00
Demand zone: $30.00, $20.00, $10.00
XMR long-term outlook continues in a range-bound market. The bulls had a brief upper hand within the range as they pushed the cryptocurrency to $60.05 in the supply area on 24th December. This was the high of the week.
The large bearish candle at $46.20 on 25th December announced the bears’ takeover as XMRUSD dropped to $46.20 in the demand area. Increased bearish momentum led to a further drop to $44.22 in the demand area as the coin ranges.
The cryptocurrency is in consolidation and trading between $65.00 in the upper supply area and at $38.00 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area will occur hence patience is required before taking a position.
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