A lot of predictions have been made about the price of Monero.
There’s been a relative decline in the market valuation of XMR/USD.
But, Bitcoinexchangeguide writes that the bulls may soon start to build up their momentum around the Bollinger Lower Band.
The medium trend is bearish
The XMR/USD medium-trend is bearish with resistance levels at $70, $72, $74. The support levels are $58, $56, $54.
The online publication mentioned above also writes that the market stance of XMR/USD has been recording a relative diminishing return in its trading activities.
It was not able to break past the $66 mark at testing a couple of days ago on April 28.
They also wrote that the XMR/USD trade is still in control of the bears and now it’s being gradually drawn downwards with faint force.
Traders will reportedly need to exercise caution when they are exerting a position because the bulls may soon build up their momentum around the Bollinger Lower Band to avoid bears’ trap.
The short-term trend is bearish
The short-term trend for the XMR/USD pair is reportedly bearish. The pair may soon be facing a consolidation price movement that could only last for a while in the short run.
On the other hand, the pair could find support at the test of the $62 mark while a reversal is expected to take its turn that could eventually give bulls a decent entry of the market.
Monero is available on Exodus
We recently reported news about a great achievement marked by Monero.
Monero and this exchange have a lot on common because both of them are focused on privacy and security.
Exodus was founded back in 2016, and the wallet has been launched for the initial users of digital assets who were excited about the features of Bitcoin which differentiated the coin from traditional assets and currencies.