XMRUSD Medium-term Trend: Bearish
- Supply zones: $120, $130, $140
- Demand zones: $ 40, $30, $20
The price of Monero is trading in the bearish trend zone. The crypto's price is below the 12-day EMA and the 26-day EMA which indicates that the crypto is likely to fall. The crypto is currently range bound between the levels of $40 and $60 but it is trading at the $45 price level as at the time of writing.
Since the crypto's price is below the EMAs, the price of Monero is likely to fall. Nevertheless, since on January 10, the crypto is fluctuating between a tight range of $43 and $45. Today, the crypto is in a bearish movement, if the price falls and breaks below the $43 price level, the crypto is likely to find support at the $39.37 price level.
Meanwhile, the stochastic indicator is in the oversold region but below the 20% range. This implies that the price of Monero is in a strong bearish momentum and a sell signal.
XMRUSD Short-term Trend: Bearish
On the 4- hour chart, the price of Monero is in a bearish trend zone. Today, the bears are breaking the 12-day EMA and the 26-day EMA as the crypto's price falls to the bearish trend zone. The crypto's price is expected at the lows of $39.37 and $43.47. Meanwhile, the stochastic indicator is out of the overbought region but below 75% range which indicates that the crypto is in a bearish momentum and a sell signal.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.