Monero (XMR) Faces Strong Bearish Pressure After The Formation Of A Marubozu Candle 

The price of XMR has been on a bearish trend for the past few days now. Yesterday, we predicted that Monero (XMR) will break the $115.60 level. It broke this level before the end of the trading session. The pressure increased after a Marubozu Candle was formed on the price chart. The price of XMR fell to $114.47 which was in the demand area. It went below the two EMAs that were fanned out indicating that there is strength in the downtrend.

The Price Of XRM Against The USD

The stochastic oscillator is currently at 7% with the signal pointing down implying that the downward momentum is still active and strong. As the bears increased their pressure in the market, more candles formed and were closed below both EMAs. The price may test $109.31 in the demand area for the fourth time medium-term.

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Monero (XMR) Price Today – XMR / USD

Name Price24H (%)
Bitcoin (BTC)
$6,632.17
4.77%
Monero (XMR)
$106.63
3.97%

Short-term, Monero continued on the bearish trend since yesterday. The bearish momentum increased causing the coin to reach a new weekly low at $120.08 which was in the demand area before the end of yesterday’s trading session. There was a 1-hour opening candle with bearish signs along with the increased bearish pressure. The bears took the price of the cryptocurrency as low as $114.47 this morning. This was in the demand area.

The price of XRM opened at $121.09 this morning which is a bit lower than yesterday morning’s $121.73. This indicates that the sellers may increase their pressure in the market and push the price down south even more. The short-term stochastic oscillator is at 12% with signals pointing up. This shows that a upward momentum may be attempted today. This may form a bullish pressure that is already evident by the bullish hammer. Overall, the market is still in favor of the bears because the 10-say EMA is acting as a strong resistance against any significant upward movement.


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