During yesterday’s trading session, the bears gathered momentum in the market pushing Monero (XMR) to a supply area after a strong and steady bull run. The price of Monero fell from $148.87 all the way to the demand area at $138.28 according to price analysis on Bitcoin Exchange Guide. This figure was below the 10-day EMA of the 38.2 Fibonacci retracement level. Fortunately, the bears lost momentum and the bulls started taking control of the market ones again. A bullish railway reversal pattern was formed at the $138.28 demand area which was a sign of a bullish comeback. The price of Monero (XMR) was eventually pushed back to the supply area at $144.97.
Monero (XMR) On A Bull Run
The stochastic oscillator on the Monero price chart is pointing up at 63% indicating that the bullish momentum will sustain an upward price movement. The price is within the 23.6 Fibonacci retracement level as the bullish pressure continues in the market. If they keep up the momentum, the price will find its way back to the $149.10 supply area. This is the medium-term 0.0 Fibonacci retracement level.
Monero (XMR) Short-term Analysis
Short-term, Monero is trading in range after the bears pushed the price to the $138.28 demand area which was below the 50 EMA. Gradually, the bears lost momentum pushing the bulls back into the market. The cryptocurrency is trading at $144.97. Short-term, the stochastic oscillator of Monero (XMR) is at 87% in the overbought region. The signal may change and point down to justify the downward price movement short-term.
Monero (XMR) Price Today – XMR / USD
Monero (XMR) is currently consolidating as it trades between the supply area at $145.47 in the upper range and the $136.69 demand area in the lower range. It is important that you don’t make any long-term moves now. Waiting till there is a clear breakout or breakdown in both ranges respectfully is a good way to minimize risks.