• The long-term outlook is in a bearish trend.
• $72.00 in the demand area is on the card as the bears sustained the journey down south.

XMR/USD Long-term Trend: Bearish

Supply zone: $140.00, $180.00, $220.00
Demand zone: $40.00, $20.00, $10.00

XMR continues in a bearish trend in its long-term outlook. The momentum down south was sustained during last week session with the predicted target at $80.00 hit on 15th July. The bears kept the pressure up with a further drop in the coin to $71.84 in the supply area.

The market correction was necessary hence the minor rally before the end of the week with the coin back up at $87.81 in the supply area. This area was the 38.2 fib a trend continuation zone with bullish exhaustion denoted by the wick.

The new trading week is beginning on a bearish note at $85.18 with wick been noticed in the candle with price already down at $82.87.

Price is below the two EMA and the stochastic oscillator signal points down at 32% which suggest downward continuation in price of the coin.

$72.00 in the demand area may be retested as the journey down south continues in the days ahead.

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