XMR/USD Medium-term Trend: Bearish
Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00
Monero is in a bearish trend in the medium-term outlook. The bearish momentum was sustained and $136.20 in demand area in yesterday range was broken. The crypto further went down to $132.55 in the demand area.
Price is below the10-day EMA and you can see that price is showing lower highs and lower lows formation.
The Fibonacci retracement shows price was pushed down to the 61.8 from the 39.2 fib level due to the bears’ pressure.
The stochastic oscillator is in the oversold region at 24 percent and its signal points up. This suggests that we may see some upward movement in the price of the cryptocurrency as the bulls struggle for control.
Monero is in consolidation and trading between $146.70 in the supply area of the upper range and $136.20 in the demand area of the lower range.
XMR/USD Short-term Trend: Bearish
The cryptocurrency is ranging in the short-term outlook. The daily candle opened bullish as an inverted hammer but could only push price to $141.36 in the supply area and lost momentum.
The bears pressure was strong as the crypto was down to $132.55 in the demand area. The formation of a bullish hammer a reversal pattern returned the bulls.
The cryptocurrency in consolidation and trading between in the supply area of the upper price range and in the demand area o the lower price range. Patience should be exercised before taking a position to allow for either a break out at the upper range for a long position or a breakdown at the lower range for a short.
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