XMR/USD Medium-term Trend: Ranging
Supply zones: $150.00, $160.00, $170.00
Demand zones: $100.00, $90.00, $80.00
Monero is still ranging in the medium-term outlook. The bullish railway track formed yesterday successfully pushed price to $123.90 in the supply area. This was on the 10-day EMA. The bulls’ momentum fades as the formation of the bearish railway track is a sign of trend reversal. The bears are back and may likely push price to the lower demand area in the range.
The stochastic oscillator is at 30 percent and its signal points down. This implies downward momentum in the cryptoasset price as the bears' pressure increase.
As the bearish momentum increases and more candles are formed below the 10-day EMA, $118.90 may be the bears' target.
XMR/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in the short-term outlook. The bulls’ loss of momentum at $123.90 in the supply area set up the bears for a comeback. $120.86 in the demand area was the initial point the bears drop price.
Daily opening price is $122.18 and the candle is bearish. With yesterday opening at 125.47, it implies more sellers are in the market to further push price south.
As the bears' pressure increase and more candles formed below the 10-day EMA, $120.50 in the demand area may likely be the bears target in the short-term.
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