XMR/USD Medium-term Trend: Ranging
Supply zones: $150.00, $160.00, $170.00
Demand zones: $120.00, $110.00, $100.00
Monero is ranging in the medium-term outlook. After the bulls had a good ride from $107.10 in the demand area to $128.59 in the supply with a large engulfing candle, exhaustion sets in and this replaces the original momentum, resulting in the bears’ comeback and pushed price down south initially to $12378 in the demand area.
The cryptocurrency is ranging between $129.00 in the supply area of the price range and $118.40 in the demand area of the lower price range.
Price is above the two EMAs which implies bullish pressure may be seen.
The stochastic oscillator is in the overbought region at 89 percent, yet the signal is not pointing down. Traders should be patient before taking a position to allow for price breakout to the upside to go long or a breakdown to the downside to go short.
XMR/USD Short-term Trend: Bearish
The cryptocurrency is in bearish trend in the short-term outlook. The bulls had a good run earlier today as they push price to $128.48 in the supply area.
The formation of a double top in this area brought the bears back. The bearish engulfing candle formed closed below the 10-day EMA.
The Stochastic Oscillator is at 78 percent and it signals is pointing down suggesting downward momentum in price movement as more bearish candles are formed below the 10-day. $119.0 in the demand area may be retested by the bears in the short-term.
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