XMR/USD Medium-term Trend: Bearish

Supply zones: $180.00, $190.00, $200.00

Demand zones: $150.00, $140.00, $130.00

Monero continues its bearish trend in the medium-term outlook. The bulls were able to push price up to the $171.01 upper supply area of the range earlier today but lost momentum as the met resistance. This resulted in the formation of a double top, which is a reversal pattern. The bears came in at this area and push price down. The 10-day EMA provided a nice support which may later be broken. The stochastic oscillator is in the overbought region and the signals have crossed each other. This means that anytime soon the journey to the south may begin.  $156.20 which is lower demand area of the range may be the bears target.

XMR/USD Short-term Trend: Bearish

The cryptocurrency is bearish in the short-term outlook. The bulls’ momentum was strong in the early hours of trading as they push the pair high to the supply area at $170.30. They lost hold of the market to the bears who are currently pushing price down. The pair is in a nice ascending channel as you can see in the chart. The bears are likely to push price to the lower channel. The stochastic oscillator has left the overbought region and it signal points down. This implies downward momentum. As the bears' pressure increases the ride to the lower channel may happen sooner than expected

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research

 

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