XMR/USD Medium-term Trend: Ranging
Supply zones: $150.00, $160.00, $170.00
Demand zones: $100.00, $90.00, $80.00
Monero continues ranging in the medium-term outlook. The formation of bullish railway track, a reversal signal, usher in the bulls and they pushed price from $124.34 in the demand area. $127.45 in the supply area was the initial price the bulls got the cryptoasset to. The bears came and pushed price down to $124.57 in the demand area.
The 10-day EMA acted as a strong support against the bearish pressure. Likewise, price is above the two EMAs which implies bullish pressure.
The cryptocurrency is ranging between $129.00 in the supply area of the price range and $118.40 in the demand area of the lower price range.
The stochastic oscillator is in the overbought region at 87 percent, yet the signal is not pointing neither direction. Traders should be patient before taking a position to allow for either a breakout to the upside for a long position or a breakdown to the downside for a short position.
XMR/USD Short-term Trend: Bullish
The cryptocurrency is bullish in the short-term outlook. The bears' pressure was strong as they pushed price from $129.34 in the supply area down to $124.86 in the demand area.
The bullish railway track brought the bulls back and their momentum got price to $129.61 in the supply area.
The Stochastic Oscillator is at 63 percent and it signals is pointing up suggesting upward momentum in price movement as more bullish candles are formed above the 10-day EMA.
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