Monero (XMR) Price Analysis: Trends of October 10–16, 2018
There is a probability for the downward movement this week; traders should follow the trend patiently.
Key Highlights:
XMR/USD Long-term Trend: Ranging
Currently, the price is moving towards the accumulation territory of $102 with the formation of bearish candles. The 4-day EMA and the 50-day EMA on the daily chart are interlocked to each other with the price in between both 4-day EMA and 50-day EMA. The MACD with its histogram 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 will resume its uptrend movement and upper distribution territory of $140 will be exposed. A breakout at the upper area or breakdown at the lower area is imminent therefore traders should be patient and wait before taking a trade.
XMR/USD Price Medium-term Trend: Ranging
Currently, Price is below 4-day EMA and the 50-day EMA while 50-day EMA is above the 4-day EMA which indicates that there is a probability for the downward movement this week. However, the coin may continue ranging within the bound as MACD with its histogram and its signal lines are on the zero level. Patience is the key at this period for a breakout at the upper area or breakdown at the lower area to occur before taking a position.
Article comments