Dominant bias for MONERO (XMR)- Ranging
Resistance Levels- $114.00, $116.00, $118.00
Support Levels- $104.00, $102.00, $100.00
XMR is in a range-bound market. The bears lost momentum at 106.24 in the support area on 22nd October. The bulls’ gradual return was signaled with a bullish engulfing candle that broke the 34 EMA and XMRUSD was up at 107.98 in the support area. Increased bullish momentum saw XMRUSD at 112.85 in the resistance area on 23rd on October. but closes with a wick which implies the bear are gradually back within the range
XMR Price is above the 34 EMA and the relative strength index is at 66% but it signal points down which implies downward movement within the range may occur.
XMR is in consolidation and trading between $112.42 in the upper resistance area and at $105.14 in the lower support area of the range. Traders are advised to be patient at this critical period for a breakout at the upper resistance area or a breakdown at the lower support area before taking a position.
