Monero (XMR) Daily Price Forecast – August 10

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XMR/USD Medium-term Trend: Ranging

Supply zones: $200.00, $210.00, $220.00
Demand zones: $70.00, $60.00, $50.00

XMR continues in the range in the medium-term outlook. The formation of dojis and bullish candles are indications that the bullish pressure within the range may be seen in the medium-term.

The cryptocurrency was up at $102.37 in the demand area and lost momentum. The bears made a return and push the coin down to $96.59 in the demand area.

The stochastic oscillator is in the oversold region at 24 % and its signal points up which means upward momentum in price of the cryptocurrency as the bulls momentum increases in the range.

XMR is ranging and trading between $104.75 in the upper supply area and at $92.90 in the lower demand area of the range. Traders should be cautious as the coin ranges and look out for a breakout at the upper range or a breakdown at the lower range before taking a position.

XMR/USD Short-term Trend: Ranging

The cryptocurrency remains in consolidation in the short-term outlook. The bullish pressure was sustained and price was up $103.27 in the supply area. Further upward movement in price was rejected around the 50-day EMA as you can see.

The bearish momentum was increased and the cryptocurrency was down to $96.58 in the demand area below the 10-day EMA despite a bullish 1-hour opening candle.

The coin is still ranging and trading between $102.25.13 in the upper supply area and at $93.66 in the lower demand area of the range. Traders should remain calm and wait for either a breakout at the upper range for a long or a breakdown at the lower range for a sell position.

 

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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