Monero (XMR) Daily Price Forecast – July 31

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XMR/USD Medium-term Trend: Bearish

Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00

XMR continues in a bearish trend in the medium-term outlook. The strong bearish pressure was sustained as the target of $129.87 in the demand area predicted in yesterday analysis was attained.

Price was further down to $128.41 in the demand area below the two EMAs crossover.
The stochastic oscillator is in the oversold region at 27 percent and its signal is pointing down which implies downward momentum in price of the cryptocurrency.

The formation of bearish candles below the two EMAs may continue in the medium-term with $127.24 in the demand area as the next bears’ target as momentum becomes high.

XMR/USD Short-term Trend: Bearish

The cryptocurrency continues in a bearish trend in the short-term outlook. The presence of more sellers as analysed yesterday further pushed price further down to $128.41 in the demand area before closed of yesterday market.

The formation of a bullish hammer returned the bulls whose momentum got the cryptocurrency up to 134.55 in the supply area. This resulted in the double formation a reversal pattern and the bears returned and pushed price initially to $131.34 below the EMAs.

The stochastic oscillator is at 38 percent and its signal is pointing down which implies downward momentum in price due to the bears’ pressure. As more candles formed and closed below the two EMAs the journey south continues.

 

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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