XMR/USD Medium-term Trend: Ranging
Supply zones: $200.00, $210.00, $220.00
Demand zones: $60.00, $50.00, $40.00
XMR is ranging in it the medium-term outlook. The bullish pressure was sustained and price was pushed up $94.18 in the supply area before the end of yesterday trading.
The 4-hour opening candle was bullish at $89.09 and price was back up at $92.71 in the supply area and price was up $91.45 in the supply area.
XMR is ranging and trading between $100.00 in the upper supply area and at $78.00 in the lower demand area of the range. Patience will be a good strategy to adopt as the coin ranges to allow for a breakout or breakdown before taking a position
XMR/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish in the short-term outlook. The bulls had a nice run yesterday as the cryptocurrency was up $94.18 in the supply area. The bears returned and dropped the coin at $88.62 in the demand area before the close of yesterday market.
The 1-hour opening candle was bullish at $89.09 and price was up to $92.71 in the supply area. The head and shoulder pattern formation is seen as a large bearish engulfing candle completes the right shoulder for possible bears come back. And price journey down south will continue
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