XMR/USD Medium-term Trend: Bearish
Supply zones: $180.00, $190.00, $200.00
Demand zones: $150.00, $140.00, $130.00
Monero is bearish in the medium-term outlook. The bulls momentum that resumes on June 2nd seems to gradually fade after taking price to the supply area at $177.48. The bears came back and push price below the 10-day EMA.
Although the arena price currently occupies is the buyers’ zone but the bears kept pushing it lower. This is due to more sellers in the market and this allows for necessary market correction. This current scenario should be seen as the bears’ last lap of the journey to the south.
The stochastic oscillator shows that the pair is highly oversold, and the bulls entrant can be anytime from now.
XMR/USD Short-term Trend: Bearish
The short-term outlook of the pair shows a bearish trend. The pair was bullish at the opening of the market today. $170.99 was the opening price compared to yesterday opening of $162.46 but due to the bears’ presence and pressure, price went southward.
The bears pushed price from the supply area at $171.56 down to the demand area at $156.70.
The Stochastic oscillator is pointing down into the oversold region which implies that the bears’ momentum may gradually be ending and the bulls may set in.
Traders should allow for the red and grey signal of the stochastic oscillator to cross before going long
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