XMR/USD Medium-term Trend: Bearish
Supply zones: $150.00, $160.00, $170.00
Demand zones: $100.00, $90.00, $80.00
Monero remains in a bearish trend in the medium-term outlook. The 10-day EMA acted as a strong resistance to price upward movement. The bulls made attempt as they move price from $120.53 in the demand area to $123.05 in the supply area. The bears set in with strong momentum and push price down. Currently, price has made a low at $120.24, with high tendency to still go down.
The stochastic is in the oversold region and it signals points down. This suggests downward momentum in the price of the cryptocurrency in the medium-term.
As more candles opened and closed below the 10-day EMA, the cryptocurrency may likely continue in a journey down south. In the overall, the bears’ target of $114.00 demand area may be achieved sooner than expected.
XMR/USD Short-term Trend: Bearish
The cryptocurrency bearish trend continues in the short-term outlook. You can see that at the opening of the day, the price opened below the 50-EMA. With the bearish pressures price was pushed down below the 10-day EMA and went further low to $120.53.
The bulls made a comeback and pushed price up to the supply area. In this area, you can see the formation of bearish railway track this is a reversal indication and the bears came in and drop price down again.
The Stochastic Oscillator is in the oversold region and the signal is pointing. This implies downward momentum and price movement is likely to go south.
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