MONERO (XMR) Daily Price Forecast – October 29

XMR/USD Medium-term Trend: Bearish

Resistance Levels: $112.50, $115, $117.50
Support Levels: $95, $92.50, $90

Monero has now been placed under a selling pressure in the market as the US dollar price worth has had a better offer. The market has been currently dropping to average the $97.50 support level as it did lately on October 11 and 15 trading days.

The crypto started its southwards correction movement after reaching around $104.15 high in the market today. The 50-day SMA is a bit located over the middle Bollinger Band as the lower Bollinger Band has been stretched and traded along with the price action presently. The Stochastic Oscillators have slightly crossed past range 40 to point south. That raises the suggestion that bearish market movement is still on-going. Traders are advised not to follow the current bearish move past the $97.50 level to escape a possibility of getting trapped

XMR/USD Short-term Trend: Bearish


XMR/USD was once been traded around the $102 low price level, yesterday, within the Bollinger Bands confinement. During the trading sessions, the crypto managed to spring northwards past the middle Bollinger Band with the 50-day SMA to encounter a resistance at around $104.35 as the upper Bollinger Band was as well only been slightly breached northward past.

At that point, today, the crypto faces several rejections and that has led to its current sudden decline to average towards the $99 price level. The stochastic Oscillators have touched range 25 to still point south. It shows that the bearish market is still on in the market. However, traders may either wait for the bears to get weakened at a further lower price point or watch out for a correction against the $101 level to enter a long position.

 

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