price may increase above $111 this week;
Monero may resume downtrend movement;
Consolidation is ongoing.
XMR/USD Price Long-term Trend: Ranging
Distribution Territories: $111, $119, $126,
Accumulation Territories: $97, $86, $76
/USD is ranging in its long-term outlook. On October 15, the bulls increased their momentum and XMR price rallied to the north with a massive strong bullish candle which broke distribution territories of $119, $126. Uptrend movement was interrupted at the distribution territory of $136. The bears came into the market immediately and push XMR down below the distribution territory 0f $111 and started consolidation since October 17.
XMR price has been trading within the bound range of distribution territory of $111 and the accumulation territory of $97. Neither bulls nor bears have gotten enough momentum to push the XMR price above the territory of $111 and below the accumulation territory of $97 respectively.
The XMR price still remains below the distribution territory of $111. For Monero price to break out from this bound range zone, the bulls have to increase their momentum and rally to the north by break the distribution territory of $111, expose the distribution territory of $119.
The 4-day EMA is below the 50-day EMA with the coin in between on the daily chart. The MACD with its histogram is below zero level with the signal lines points to the north indicates buy signaling.
XMR/USD Price Medium-term Trend: Ranging
The coin is ranging in its short-term outlook. Monero continues in its ranging state as long as XMR price remains within the bound range of distribution territory of $111 and accumulation territory of $97. In case the distribution territory of $111 hold and the bears increase their pressure, the accumulation territory of $97 will be broken and the coin will resume downtrend movement.
The 4-day EMA has crossed 50-day EMA upside. XMR is above 4-day EMA while 50-day EMA is below the 4-day EMA which indicates that there is a probability for the continuation of upward movement this week should the bulls increases their momentum. MACD with its histogram and its signal lines are above the zero level with the signal lines point to the north indicate buy signal.
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