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 bears' pressure was very strong as they kept pushing price lower. The formation of large engulfing bearish candle that broke the 10 and 50-day EMA is significant. This as a result of the bears increased momentum. Daily candle opened bearish at $163.67 compared to yesterday opening at $165.38.This implies more sellers are in the market to further push price down. The stochastic oscillator is at 27 percent and it signals points down. This suggests downward momentum. As the bears increase their pressure and presence in the market, their first target may be the demand area $158.75 in the medium-term.
XMR/USD Short-term Trend: Bearish
The cryptocurrency continues its bearish trend in the short-term outlook. The bears did exactly what was predicted yesterday as they pushed price to the lower channel at $165.03 in the demand area. The momentum required by the bulls to push further up was not available hence the bears broke the channel and pushed further down to $163.03 demand area yesterday. As the market opened today they kept pushing price further down after retesting the supply area at $163.03. The stochastic oscillator is in the overbought region but it signals points down which implies bullish rejection. The bears' target in the short-term may likely be the demand area at $159.39.
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