XMR/USD Medium-term Trend: Bearish
Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00
XMR is in a bearish trend in the medium-term outlook. The bearish pressure was strong resulting in the break of $138.48 critical zone. A retest was made and then the downward price continuation.
Price was down to $133.60 in the demand area below the two EMAs crossover. A reflection of the bears’ pressure.
The stochastic oscillator is in the oversold region at 10 percent and its signal is pointing down which implies downward momentum in price of the cryptocurrency.
The formation of bearish candles below the two EMAs may continue in the medium-term with $129.87 in the demand area as the bears’ target as momentum becomes high.
XMR/USD Short-term Trend: Bearish
The cryptocurrency is in bearish trend in the short-term outlook. The strong bearish pressure broke the lower price range of $136.69 in the demand area of 27th July analysis. This brought the coin down to $133.60 in the demand area.
The daily opening candle was bearish at $135.02 compared to yesterday opening of $139.42. This implies more sellers presence to further push the price of the cryptocurrency down.
Price is below the two EMAs crossover and it is forming lower highs and lower lows. This is peculiar with the bearish market. Also, rejection of upward price movement is seen at the 10-day EMA.
The stochastic oscillator is in the oversold region at 16 percent and its signal is pointing down which implies downward momentum in price due to the bears’ pressure.
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