The Monero (XMR) to USD trading pair has been bearish for a few days now. Today, the pair started trading in the same bearish trend with demand zones at $70.00, $80.00 and $90.00 with supply zones at $220.00, $210.00 and $200.00. The short and medium term outlook of Monero (XMR) has been bearish since yesterday. Two days ago, the trading pair dropped as low as $119.40 which was a demand area at the time. After dipping this low, the bears lost momentum and gave way for the formation of a bullish candle.
Monero (XMR) To USD Trading Pair Forms Bullish Momentum
The bullish momentum that was initiated pushed the price up to the $130.68 level which is the supply area. Unfortunately, the bulls were not able to sustain the momentum as the price formed a reversal bullish spinning candle. The trading pair is in the 50.0% Fibonacci retracement level of the trend reversal territory. The bears returned with full force forming a marubozu candle.
Monero (XMR) Price Today – XMR / USD
The stochastic oscillator is at 52% and the signal is pointing downward. This shows that the price is currently on a downward trend. As the bearish momentum grows stronger and more candles are formed, open and closed below both EMAs, the next target may be as low as $115.60 medium term.
Monero (XMR) To USD Short-term Analysis
Monero (XMR) is still in the bearish trend short-term according to the price analysis of Areez M from Bitcoin Exchange Guide. After the bulls took the price of the cryptocurrency to $130.27 which was in the supply area, the bears took it to $121.44 which was in the demand area.
The bears staged a comeback after forming a bearish railway track right in the supply area. The move south will continue as more candles are formed and closed below both EMAs.