Monero [XMR] Is Still In A Bearish Trendline – What Does The Future Hold For This Altcoin?

From the mid-term outlook of Monero [XMR], its value is still in the bearish trendline. The bearish pressure gathered momentum during the week when the value of the coin plunged to the $111 mark. The formation of bullish spinning top a reversal candlestick pattern as the week started with signs that bullish pressure may return.

The value of the digital currency was over the 10-day exponential moving average and it was capped on the upside at the 23.6 percent Fibonacci retracement level. The 38.2 percent Fibonacci retracement level may be tested in the mid-term as the momentum of the bulls increases before the return of the bears.

The stochastic oscillator is at 59% and it’s currently heading north, which signals an upward momentum in the value of the digital currency.

The Short-Term Trend of Monero [XMR]

The digital currency is ranging in the near-term outlook. The bear left the value of the coin at $111 in the demand zone and lost traction. The bulls came back and pushed the value of the coin to $116 in the supply area before the coin started correcting lowers as a result of the bears’ brief pressure.

The coin experienced a little decline before the bulls returned at the $113 mark in the demand zone and pushed the value of the con over the two exponential moving averages crossover with the value of the coin up to $120 in the supply zone.

Monero (XMR) Price Today – XMR / USD

Name Price
bitcoin
Bitcoin
$10,119.00-4.47%
monero
Monero
$82.30-2.46%

At the time of writing, Monero [XMR] is trading at $116 after amassing gains of about 1 percent over the past twenty-four hours. The current market cap of the digital currency is $1.92 billion and its trading volume over the past twenty-four hours is $20.25 million.

The digital currency is currently consolidating higher and it needs to break over its immediate resistance at the $120 mark to open doors for more gains.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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