XMR/USD Medium-term Trend: Bearish
Supply zones: $150.00, $160.00, $170.00
Demand zones: $100.00, $90.00, $80.00
Monero continues in a bearish trend in the medium-term outlook. The bullish move from $13.20 in the demand area was short and momentum lost at $133.20 in the supply area. The formation of an inverted hammer, a reversal candle brought the bears to the market. Their pressure on price is seen as price falls below the 10-day EMA.
The daily opening price of monero is $124.82 compared to yesterday opening of $114.19. This implies that the sellers are more in the market and may likely take price on a southward journey.
The stochastic oscillator is at 73 percent with is signal pointing up. This means that we may likely see bullish moves. This should be seen as a market correction for the downtrend continuation
XMR/USD Short-term Trend: Bearish
The cryptocurrency is still in a bearish trend in the short-term outlook. The momentum of the bulls at $11230 in the demand area led to price pushed to $133.00 in the supply area. The formation of a double top in the supply area brought the bears back and they have continued to push price down south.
The stochastic oscillator signal points down which means downward momentum in the price of monero in the short-term.
The structure of the pair is M. This implies that right leg likely would be completed. If this happens it suggests that the bears' target may be at $112.00 in the demand area.
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