XMR/USD Medium-term Trend: Ranging
Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00
Monero enters into ranging scenario in the medium-term outlook. The bullish momentum seems to be weak as the bear kept pushing price south. $137.31 in the demand area and below the 10-day EMA was the point the bear drop the coin.
The stochastic oscillator is at 45 percent and its signal points down. This suggests that we may see a downward movement in the price of the cryptocurrency due to bears pressure.
Monero is in consolidation and trading between $146.70 in the supply area of the upper range and $136.20 in the demand area of the lower range.
The Fibonacci retracement shows that price is within the 38.2 fib level which is a trend continuation zone. This pullback was analysed in yesterday’s forecast.
Traders should be patient at this period of the consolidation. Let there be a breakout to the upside to for a trend continuation or a breakdown and price may go further to the 50 of 68.1 fib level.
XMR/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in the short-term outlook. The bears broke the $141.34 in the demand area of the lower range predicted in yesterday analysis. Price was pushed down to $137.31 in the demand area.
The formation of a bullish spinning top returns the bull and pushed price to retest the broken demand area now a supply area at $141.34. A bearish railway track was formed which may be an indication that the bears are back.
As the bears' momentum increase we may see more bearish candle closing below the two EMAs in the short-term.
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