XMR/USD Medium-term Trend: Ranging
Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00
Monero continues ranging in the medium-term outlook. The bullish momentum was weak as it could not push price above $125.34 in the supply area. The bears returned and pushed the cryptocurrency back down to $119.96 in the demand area.
The battle for market control is on as the coin is in consolidation. $128.49 in the supply area is the upper price range and $116.46 in the demand area is the lower price range.
The stochastic oscillator is at 58 percent and its signal is undefined which implies the consolidation scenario. Traders should be patient and allow a properly define trend either via breakout at the upper price range or a breakdown at the lower price range before taking a position.
XMR/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in the short-term outlook. The bears continue their takeover as the opening candle was bearish at $122.67 below the 10-day EMA.
The cryptocurrency made a new low as the bears pushed price further down to $119.96 in the demand area.
The stochastic oscillator is at 67 percent and it signals points down which means the bears’ pressure would continue and price may further go down in the short-term.
As the bears’ momentum increases more bearish candles may likely be formed and closed below the 10-day EMA.
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