XMR/USD Medium-term Trend: Bullish
Supply zones: $200.00, $210.00, $220.00
Demand zones: $100.00, $90.00, $80.00
Monero remains in bullish trend in the medium-term outlook. The bullish momentum created a new high of $145.94 in the supply area. It was a bounce off the channel as analysed yesterday. The momentum gradually fades as the formation of d gravestone doji, a reversal candlestick pattern brought the bears back to the market.
Price was pushed down to the $137.53 in the demand area, below the 10-day EMA. This is around the 23.1 fib level. The bears’ pressure is strong currently and may push price down to the 38.2 fib level.
The close of bullish candles above the 38.1 fib level will imply the bulls return while the close of candles below it may push price down to the 50.0 fib level a trend reversal area.
The stochastic oscillator is at 69 percent with signals pointing down. It suggests downward movement in the price of the cryptocurrency due to the bears’ pressure. The overall medium-term outlook favours the bulls.
XMR/USD Short-term Trend: Ranging
The cryptocurrency is in consolidation in the short-term outlook. The bears were strong during the opening of today’s’ market pushing price down to $137.53 in the demand area from $144.08 in the supply area.
The bulls momentum was weak as they were overpowered by the bears again at $140.72 in the supply area.
The cryptocurrency is ranging and trading between $141.48 in the supply area of the upper price range and $136.67 in the demand area of the lower price range.
The stochastic oscillator is in the oversold region at 23 percent with signal points down. It implies downward movement in price of the cryptocurrency will be experienced in the short term due to the bears’ pressure.
Traders should be patient trading the range and allow for a breakout to at the upper price range or breakdown at the lower price range before trading.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.