XMR/USD Long-term Trend: Bearish
Supply zone: $120.00, $140.00, $160.00
Demand zone: $80.00, $60.00, $40.00
XMR long-term outlook is a bearish trend. The strong bearish pressure from $142.71 in the supply area dropped the coin at $107.97 in the demand area below the two EMA and right on $108.33 in the critical area.
He cryptocurrency rose to $119.87 in the supply area after a minor bullish comeback which was quickly lost as the bear set in. The bears resume the downward journey with a break of the critical area on 8th September with the coin at a low of $101.00
Price is below the two EMAs crossover which is a reflection of the strong bearish pressure. The stochastic oscillator is at 44% and it signals points down which implies a downward movement in price of the cryptocurrency.
$90.00 in the demand area maybe the bear’s first target, if this happens the bears may take the cryptocurrency down the floor at $76.00.
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