The Monero (XMR) price trend is bearish medium-term with the bearish pressure resulting to a break of the significant $138.48 support level. After the price retested this area, a downside continuation started. The price fell as low as $133.60 which was in the demand area and below the EMAs reflecting that the bears had placed pressure on the market.
Monero (XMR) Price Today – XMR / USD
The Monero stochastic oscillator is at 10% in the oversold region and the signal is pointing down. This means that there is a downward momentum cripping in. Some bearish candlesticks were formed below the two EMAs and this may remain present medium-term with $129.87 in view. The bears will target $129.87 if the bulls don’t gather momentum and retake the market soon.
Monero Is Bearish Against The USD Short-term
If there is anything the price charts indicate, it’s that Monero is bearish against the USD short-term. This strong pressure has broken the lower price range at $136.69 which was in the demand area in July 27. This pushed the price of Monero down to the $133.60 level which was also in the demand area. This is according to the price analysis of Azeer M from Bitcoin Exchange Guide.
There was a daily opening candle that was bearish around $135.02 compared to yesterday’s candle that opened around $139.42. This shows that sellers have put pressure on the market to pullback the price. The price of Monero is forming new lower lows and higher highs below the two EMAs. There has also been a rejection of the upward price movement. This is a key indicator of a bearish market.
The stochastic oscillator is 16% short-term which the signal pointing down. What this means is that the downward trend is caused by bearish pressure. The next few sessions of trading will determine if the cryptocurrency will go back to trading in favor of the bulls or not.