XMR/USD Medium-term Trend: Ranging
Supply zones: $200.00, $210.00, $220.00
Demand zones: $70.00, $60.00, $50.00
XMR continues in the range in the medium-term outlook. The strong bearish pressure broke the lower demand range of price forecast of 10th August. The cryptocurrency went further down to $87.02 in the demand area.
Exhaustion due to momentum loss with wicks formation in the candles confirms the rejection of further downward price movement. Thus the bulls return.
The formation of large bullish engulfing candle push to $97.96 in the supply area price above the 10-day EMA.
The stochastic oscillator is 77% and its signal is up. This implies an upward price movement within the range.
XMR is ranging and trading between $101.97 in the upper supply area and at $87.00 in the lower demand area of the range. Traders should be cautious as the coin ranges and look out for a breakout at the upper range or a breakdown at the lower range before taking a position.
XMR/USD Short-term Trend: Ranging
The cryptocurrency is in consolidation in the short-term outlook. The strong bearish pressure pushed down to $87.02 in the demands area and lost momentum. The formation of bullish spinning top a reversal candlestick pattern return the bulls.
The 1-hour opening candle was bullish at $93.62 above the 10-day EMA with price up to $97.96 in the supply area.
The coin is ranging and trading between $98.96 in the upper supply area and at $90.83 in the lower demand area of the range. Traders should wait for either a breakout at the upper range for a long or a breakdown at the lower range for a sell position coupled with candlestick pattern as extra confirmation.
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