Monero (XMR) in our recent price analysis continues in a bearish price movement in the medium-term outlook on the chart of the XMR/USD pair. The sharp bearish pressure that was formed was also sustained further as the target of 129.87 USD in the demand level predicted earlier by cryptocurrency writer Azeez Jimal yesterday analysis was attained.
The Price of Monero (XMR) Touched Down To The 128.41 USD Level
The price of Monero (XMR) went further down to the 128.41 demand area just below the two EMA junction. We can see the stochastic oscillator via the oversold area at 27 percent with its sign indicating a downward price movement for the digital token. The formation of bearish candles just below the two EMAs might continue in the medium-term with the 127.24 USD in the demand area. The next bears’ may target this area as momentum grows higher.
The XMR/USD Pair is Also Bearish in The Short-term Outlook
When we look at the short-term, we can also see a bearish price shift for the cryptocurrency. The presence of more sellers from yesterday’s price analysis further pushed the price of Monero (XMR) further down to the 128.41 USD in the demand region before yesterday’s trade closed. The shift or formation of a bullish pattern returned the bulls. And with the bulls looking to grow with the momentum the cryptocurrency managed to get up to the 134.55 USD in the supply point. This price movement resulted in a double formation of a reversal trendline, and the bears returned pushing the price of Monero (XMR) initially to 131.34 USD just below the EMAs.
Monero (XMR) Price Today – XMR / USD
Via the short term, the stochastic oscillator stands at 38 percent. Its signal is pointing downward which implies a downward momentum in the price of Monero (XMR) due to the bear pressure. The journey southward continues as more candles are formed, and the pair closed beneath the two EMAs.