XMR/USD Medium-term Trend: Ranging
Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00
XMR is ranging in the medium-term outlook. The bearish pressure was strong as price was pushed down to $135.58 in the demand area. The two EMAs were broken and price was below it which is a reflection of the bears’ pressure.
The stochastic oscillator is in the oversold region at 9 percent and its signal is pointing down which implies downward price movement.
XMR enters into consolidation and is trading between $142.63 in the supply area of the upper price range and at $132.35 in the demand area of the lower price range. Traders should be cautious during this consolidation as a breakout from the upper price range or a breakdown at the lower price range will certainly occur.
XMR/USD Short-term Trend: Ranging
The cryptocurrency continues ranging in the short-term outlook. The bears succeeded in pushing price down to $139.94 in the demand area before yesterday close of market.
The daily opening candle was bearish at $140.10 and with increased momentum, the lower range of yesterday range at $136.69 was broken and was further down to $135.36 in the demand area below the two EMAs crossover.
The formation of a bullish hammer retuned the bulls and price was pushed back into the range with price up $137.75 in the supply area.
The cryptocurrency is back in consolidation and trading between $145.47 in the supply area of the upper price range and $136.69 in the demand area of the lower price range. Traders should patiently wait for a breakout at the upper range or a breakdown at the lower range with good candlesticks pattern as confirmation before taking a position in the market.
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