Monero was brearish in yesterday’s XRM price analysis and the bearish trend has continued today. The cryptocurrency is bearish short and medium term. The bearish wave started after Monero broke the $127.24 target and went lower to the $119.40 level which is in the demand area. The EMAs are fanned out and Monero is now below the EMAs crossover indicating that the downtrend is strong. The stochastic oscillator is at 10% in the oversold region with its signal currently pointing downward. This means that there is a downward momentum.
XRM Price Analysis For August 1
In today’s XRM price analysis, the bearish spinning that is on top a reversal candlestick pattern may invite the bulls to the market again. After that, a pullback may drag the price to the 38.2 or 23.6 Fibonacci retracement level before the downward trend will resume. Monero’s the bearish trendline is still evident short-term with a lower low of $120.91 which is the first in a long time. Monero reached this new lower low at the close of yesterday’s market. The price went down from this low to the $119.40 demand area today according to the price analysis of Azeer M on Bitcoin Exchange Guide.
Monero (XMR) Price Today – XMR / USD
The stochastic oscillator is at 81% in the oversold region short-term with signal pointing down and this means the bears have gained momentum in the market. There is an Elliot wave pattern in the market that shows a 5th price wave. The bears may be targeting the b in the corrective wave of a.b.c short-term as the price momentum increases.
Monero has been strong since the beginning of the year. Even when the entire market faced bearish pressure, Monero still made some progress in the bullish territory. The current bearish wave is discouraging but not surprising. The next few days of trading will determine if the price action of Monero (XMR) will change and the bears will take over the market.