XMR/USD Medium-term Trend: Bearish
Supply zones: $150.00, $160.00, $170.00
Demand zones: $100.00, $90.00, $80.00
Monero continues in a bearish trend in the medium-term outlook. The bears indeed kept the market under control as they pushed price down from $133.21in the supply area to $122.44 in the demand area, below the 10-day EMA.
The stochastic is in the overbought 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 we may likely see the asset making a retest at $115.00 in the medium-term.
XMR/USD Short-term Trend: Bearish
The cryptocurrency bearish trend in the short-term outlook continues. The bulls made an upward movement yesterday and were rejected at $133.21. The bears came in and took price on a journey to the south. $122.50 in the demand area was the place the bear pressure could attain.
The Stochastic Oscillator is in the oversold region and the signal is pointing up. It implies that we may see a minor upward price movement but may likely be rejected. As more bearish candles are formed below the two EMAs crossover, $120 in the demand area may be the bears’ target.
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