XMR/USD Medium-term Trend: Ranging
Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00
Monero enters into consolidation in the medium-term outlook. The retest of $131.48 in the supply area that was analysed yesterday was achieved as a result of the strong bullish pressure.
Price was further pushed higher to $141.33 in the supply area. The formation of the wick in the candle coupled with a doji candle is momentum exhaustion and trend reversal respectively.
The stochastic oscillator is in the overbought region at 78 percent and its signal points down which implies downward momentum in price due to the bears’ pressure.
The cryptocurrency is ranging and it is trading between $140.00 in the supply area of the upper price range and at $131.00 in the demand area of the lower price range
XMR/USD Short-term Trend: Ranging
The cryptocurrency is ranging in the short-term outlook. After the bullish run from $122.87 in the demand area to $141.33 in the supply area, the bull’s momentum became low given the bears opportunity for a return.
The formation of a bearish railway track confirm the bears’ presence and the crypto was down to $135.86 in the demand area. This is below the 10-day EMA.
The stochastic oscillator is at 30 percent and its signal points down which implies downward momentum in price as the bears increase their pressure and momentum.
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