Monero (XMR) Daily Price Forecast – August 23 $XMR

XMR/USD Medium-term Trend: Ranging

Supply zones: $200.00, $210.00, $220.00
Demand zones: $60.00, $50.00, $40.00

XMR remains in the range in the medium-term outlook. $87.33 in the demand area was the limit the bears’ pressure dropped the cryptocurrency before the close of yesterday market.

The bulls had a minor push of the cryptocurrency to $90.90 in the supply area after opening with a close of the candle as a doji.

The stochastic oscillator is in the oversold region at 16% and its signal parallel to a reflection of the consolidation scenario.

XMR continues ranging and trading between $100.00 in the upper supply area and at $80.81 in the lower demand area of the range. Patience should be adopted as the coin ranges to allow for a breakout or breakdown before taking a position.

XMR/USD Short-term Trend: Bearish

The cryptocurrency continues in a bearish trend n the short-term outlook. The increased bears’ momentum further dropped the cryptocurrency down to $87.38 in the demand area. The bulls had a minor push to $90.90 in the supply area but further upward movement was rejected at the 10-day EMA.

Price is forming lower highs and lower lows that are bearish market characteristics. As the bearish momentum increases the cryptocurrency may make a new low in the short-term outlook.

 

 

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