XMR/USD Medium-term Trend: Ranging
Supply zones: $150.00, $160.00, $170.00
Demand zones: $100.00, $90.00, $80.00
Monero continues ranging in the medium-term outlook. The bears’ pressure was strong at $129.54 in supply area with a large bearish engulfing candle. They pushed price down to $118.42 in the demand area.
The bears gradually lost momentum as the bulls return again in the area and push price up above the 10-day EMA. Initially to $124.89 and most likely may go back to the supply area.
The cryptoasset is still trading within$129.00 in the supply area of the upper range and $118.40 in the demand area of the lower range.
The stochastic oscillator is at 53 percent, yet the signal is not pointing neither direction. Traders should be patient before taking a position to allow for either a breakout to the upside for a long position or a breakdown to the downside for a short position.
XMR/USD Short-term Trend: Bullish
The cryptocurrency returns bullish in the short-term outlook. The bulls could not break resistance at $129.00 in the supply area as their momentum gradually fades. The bears’ strong pressure pushed price down to $118.42 in the demand area.
The formation of a bullish pin bar-a reversal candle at the demand area signal the bulls return, whose momentum drove the cryptocurrency up to $127.45 in the supply area.
The Stochastic Oscillator is at 63 percent and it signals is pointing up suggesting upward momentum in price movement as more bullish candles are formed above the 10-day EMA.
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