Monero [XMR] is still in a bearish territory based on its medium-term outlook. The pressure of the bears was very strong and the value of the digital currency declined towards the $113 mark in the demand zone before the close of the market yesterday.
The opening four-hour candlestick was a bullish pin bar and the expected bullish momentum arrived but it was capped on the upside by the 10-Day exponential moving average which serves as a key resistance to the uptrend of the coin.
Also, the stochastic is in the oversold territory at twenty-seven percent. The signal of the oscillator is heading south, and this indicates that the downward movement in the value of the digital currency may resume as the pressure of the bears become strong in the mid-term.
Monero [XMR] Short-Term Trend
The digital currency is still in the range in the near-term outlook. The pressure of the bears in the range pushed the value of the coin to $111 in the demand zone. The bearish spinning top was an indicator to the return of the bulls and the value of the coin was pushed to $115 in the area of supply before lack of momentum paved the way for the bears to push the coin down to $112.
The digital currency is correcting higher and trading between $111 in the demand zone of the lower price range and $117 in the supply zone of the upper price range. A brilliant range strategy to take gains within the lower and upper channels might be considered while carefully waiting for a breakdown or a breakout.
Monero (XMR) Price Today – XMR / USD
At the time of writing, Monero [XMR] is trading at $115 after losing about 0.5 percent of its value over the past twenty-four hours. The market cap of the digital currency is $1.88 billion and its trading volume over the past twenty-four hours is $22.08 million.