XMR/USD Medium-term Trend: Ranging
Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00
Monero continues ranging in the medium-term outlook. The bulls and the bears struggle for market control continues. Just as the bulls pushed the cryptocurrency up to $134.47 in the supply area, the bears pushed it back further down to $117.68 in the demand area.
This is fresh low as it is lower than yesterday low an indication of the bears’ strong pressure and presence as the bulls lost momentum.
The cryptocurrency is consolidating and it is trading between $128.49 in the supply area of the upper price range and $116.46 in the demand area of the lower price range.
The stochastic oscillator is at 55 percent and its signal is undefined which implies the consolidation scenario.
Patience will be a good strategy to adopt at this period of consolidation to allow a properly define trend either via breakout at the upper price range or a breakdown at the lower price range before taking a position.
XMR/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in the short-term outlook. The journey to the south is continuing as the bears pushed price to a fresh low at $117.68.
Despite the bullish pressure at the opening of the market that drove price up to $125.46 in the supply area, the momentum was low. Likewise the formation of railway track a reversal pattern that should have resulted in the upward price movement, rejection was seen and the bears do return much stronger.
Price is forming lower lows and lower highs that are common with down trending market. New lower lows may occur as the bears’ pressure increases.
Daily opening price was $121.79 compared to yesterday opening at $122.67. This means that more sellers are present to further push the price of the coin south.
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