XMRUSD Medium-term Trend: Bearish
- Supply zones: $120, $130, $140
- Demand zones: $ 40, $30, $20
The XMRUSD pair had been in a bearish trend since December 25 after the resistance at the price of $60. From the price action, the price of Monero is below the 12-day EMA and the 26-day EMA which indicates that the price is in the bearish trend zone.
If the downtrend contines the crypto is likely to revisit the previous low of $40 and $45 because the bears have broken the EMAs to the downside and the $50 price level. Meanwhile, the stochastic indicator is out of the overbought region but it is below the 60% range. This also indicates that the price of Monero is in a bearish momentum.
XMRUSD Short-term Trend: Bearish
On the short term trend, the price of Monero is in a bearish trend. The crypto's price is also below the 12-day EMA and the 26-day EMA which indicates that the price is also likely to fall. On December 26 and 27, the 12-day EMA acted as a resistance to the price of XMR, as the crypto continued its downtrend.
At the lower time frame, the stochastic is in the oversold region below the 20% range. Here, the crypto's price is in a strong bearish momentum.
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