XMR/USD Medium-term Trend: Bearish
Supply zones: $150.00, $160.00, $170.00
Demand zones: $90.00, $80.00, $70.00
Monero is bearish in the medium-term outlook. The bearish pressure was strong as the $118.00 target in the demand area of yesterday analysis was broken nicely. The bulls made a minor upward price move when the market opens as they pushed price up to $123.48 in the supply area.
They lost momentum as the formation of bearish railway track signal trend reversal as the bears came back with greater momentum, $108.93 in the demand area was the fresh demand area the bears dropped price.
The stochastic oscillator is at 18 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, $90.00 may be the bears' target in the medium term.
XMR/USD Short-term Trend: Bearish
The cryptocurrency continues in bearish trend in the short-term outlook. The presence of more sellers pushed price further down. Although the daily opening candle was bullish and over the 10-day EMA at $121.48, the overall strong bearish trend prevailed as price was pushed initially o $114.00 in the demand area.
The formation of a flag at this demand area was a pullback, for trend continuation The bears came back after the formation of bearish railway track and push price further down to $108.53 in the demand area.
The stochastic oscillator is in the oversold region at 18 percent with it signals undefined. It implies that we may have a minor pullback but the overall journey to the south will continue.
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