XMR/USD Medium-term Trend: Ranging
Supply zones: $150.00, $160.00, $170.00
Demand zones: $100.00, $90.00, $80.00
Monero is ranging in the medium-term outlook. Although the bear target was $114.00 as predicted yesterday, the cryptocurrency had a bullish run on 18th June from $118.00 (41pips to the target) in the demand area and pushed price high up to $129.21 in the supply area.
The formation of a doji brought the bears back. $123.40 in demand was the point the bears lost momentum and the bulls pushed price high up to $130.60 above the 50-day EMA. The pair is consolidating as the bulls and the bears are struggling for dominance. Daily opening price was $126.24 as against yesterday opening of $124.93. Which implies the presence of more buyers which may push price up.
The stochastic is in the overbought region and it signals points down. This suggests downward momentum in the price of the cryptocurrency in the medium-term.
Monero is trading between $129.00 in the upper supply area and $120.00 in the lower demand area. A good ranging strategy may be adopted trading the consolidation.
XMR/USD Short-term Trend: Bearish
The cryptocurrency continues in bearish trend in the short-term outlook. The formation of an inverted hammer at the $130.00 supply area led to increased bearish pressure with the formation of a large bearish engulfing candle that closed below the two EMAs. Price upward rejection is seen after the formation of a bullish pinbar. The next candle was bearish as you can see from the chart.
The Stochastic Oscillator is in the oversold region and the signal points down. This implies downward momentum in monero price in the short-term.
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