XMRUSD Medium-term Trend: Bearish
- Supply zones: $120, $130, $140
- Demand zones: $ 40, $30, $20
The price of Monero was trading in a tight range for days. The 12-day EMA and the 26-day EMA were horizontal prior to the breakout. Today, the bears have had upper hand as it breaks the range bound movement to the bearish trend zone. The crypto’s price is now below the 12-day EMA and the 26-day EMA which indicates that the price is likely to fall.
If the bearish pressure continues, the crypto will find support at the $46 price level. Nevertheless, if the bears break the $46 price level, then the crypto will depreciate further to the low of $44. On the upside, the crypto has to break the $54 price level and the EMAs before resuming an uptrend. Meanwhile, the stochastic indicator is below the 80% range.
This implies that the price of Monero is in 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. From the chart, the bears broke the 12-day EMA and the 26-day EMA to the low of $47 price level. It is likely the crypto’s price will revisit the previous lows. Meanwhile, the stochastic bands are approaching the oversold region below the 20% range. If the Stochastic band falls into this oversold region, the bearish momentum of the crypto will be strong.
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