XMR/USD Medium-term Trend: Bearish
Supply zones: $150.00, $160.00, $170.00
Demand zones: $120.00, $110.00, $100.00
Monero continues its bearish trend in the medium-term outlook. The bears' pressure keeps getting stronger as they push price further down. The target of $120.00 was broken and price went further down to a fresh demand area at $106.98.Price is still below the two EMAs crossover. Which is indicative of the bears pressure.
The two EMAs are fanned apart which implies strength in the context of the trend. In this case, it is the downtrend. We are likely to see price making a further journey south as the bears' momentum increase.
XMR/USD Short-term Trend: Bearish
The cryptocurrency continues in its bearish trend in the short-term outlook. The 10-day EMA acted as a strong resistance for every bullish attempt as seen in the above chart.
Price is forming lower highs and lower lows which is peculiar to a bearish market. More lower highs and lower lows will be made as the bears intensify their pressure in bringing price to the $100.00 demand area which is their target.
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