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.

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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