XMRUSD Medium-term Trend: Bearish
Supply zones: $200.00, $210.00, $220.00
Demand zones: $160.00, $150.00, $140.00
Monero is still in a downtrend in the medium term. The price is creating a flag which will likely push it down. Stochastic oscillator is in overbought area with signal strength pointing down, indicating strong momentum to the downside. A bearish pin bar was formed, which means the bears are fully back in the market. Exponential moving average 50 acted as strong resistance to an upward price move. The sellers pushed the price to $166.00 demand area and formed double bottom. The buyers pushed the price up to support the $170.24 zone, while sellers brought the price back to the demand zones. In the medium term, the bears still hold sway. A break of demand zone at $166 will see the price heading down to the $160.00 zone.
XMRUSD Short-term Trend: Bullish
Monero broke out of consolidation yesterday with a move to the upside. The price broke the supply zone at $170 after seeing momentum to the upside, but failed to close above this zone. A long bearish candle brought the price back to the demand zone, at $167.89. A double bottom formation is seen at the demand zone and the price is likely to push higher. Stochastic oscillator is in the oversold area with the signal strength up. We are likely to witness more move to the upside, as candles formed and closed above the three exponential moving averages in the short term.
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