XMR/USD Medium-term Trend: Bearish
Supply zones: $150.00, $160.00, $170.00
Demand zones: $120.00, $110.00, $100.00
Monero is in a bearish trend in the medium-term outlook. The bears' pressure was strong as it keeps price below the 10-day EMA. Each time the bulls gets price to the EMA, the bears return with increased momentum forcing price further down. $133.00 demand area has been broken by the bears.
A retest of the area may likely occur to further confirm downtrend trend continuation. The bears’ target in the medium term may be $120.00.
XMR/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in the short-term outlook. The formation of bearish railway track earlier in the day brought the bears back and they push price from $137.90 in the supply area down to $133.01in the demand area.
The bulls came back and push price to $136.70 in the supply area. The candle closes with an inverted hammer t this area resulting in the bears return with increased pressure this time around. They were able t break the demand area and took price further down.
Price is at $130.99 as at the time of writing. The Stochastic oscillator is pointing down which suggests downward momentum. A further downward movement of price may be seen as the bears increased their presence and pressure.
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