Monero (XMR) Faces Challenges as the Bullish Momentum Weakens Pushing the Price Below the $125.34 Supply Area

monero

Although Monero has been bullish for a long time, the bearish market trend is beginning to affect the price of Monero. The bulls lost momentum and were unable to push the price above the $125.34 supply area. The bears took control and pushed the process all the way to the $119.96 demand area. There is a battle for control of the market between the bears and the bulls. The upper price range of the supply area is $128.49 while the lower price range in the demand area is $116.46.

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Monero Price Analysis for June 11 According Azeez M from BitcoinExchangeGuide

The Monero price chart shows that the stochastic oscillator is currently at 58% with undefined signals implying that a consolidation is around the corner. If you’re patient, you should wait for the trend to be properly defined either through a break down at the lower range or breakout at the upper range.

Monero (XMR) Price Today / USD

Name Price24H (%)
Bitcoin (BTC)
$7,507.76
0.9%
Monero (XMR)
$132.97
0.35%

Monero is bearish short-term and the bear is have opened a candle below the 10 day EMA at $122.67. Monero reached a new low for the month when it traded as low as $119.96. Short-term, the stochastic oscillator is near 67% with its signals pointing down indicating that the bearish pressure is going to continue. If the bearish pressure continues, bearish candles will most likely be formed below the 10-day EMA.

Monero isn’t the only cryptocurrency that has fallen in price. Almost all the leading cryptocurrencies in the market have been trading in red for the past 24 hours with Bitcoin trading below $6400. The exact reason for the drop in price isn’t clear especially since the market was picking up just a few days ago. No one knows how long the bears will be in control of the market but since the cryptocurrency industry is unpredictable, a positive wave can elevate the market anytime.


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