Monero (XMR) Daily Price Forecast – August 10

live cryptocurrency event

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 formation of dojis and bullish candles are indications that the bullish pressure within the range may be seen in the medium-term.

The cryptocurrency was up at $102.37 in the demand area and lost momentum. The bears made a return and push the coin down to $96.59 in the demand area.

The stochastic oscillator is in the oversold region at 24 % and its signal points up which means upward momentum in price of the cryptocurrency as the bulls momentum increases in the range.

XMR is ranging and trading between $104.75 in the upper supply area and at $92.90 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 remains in consolidation in the short-term outlook. The bullish pressure was sustained and price was up $103.27 in the supply area. Further upward movement in price was rejected around the 50-day EMA as you can see.

The bearish momentum was increased and the cryptocurrency was down to $96.58 in the demand area below the 10-day EMA despite a bullish 1-hour opening candle.

The coin is still ranging and trading between $102.25.13 in the upper supply area and at $93.66 in the lower demand area of the range. Traders should remain calm and wait for either a breakout at the upper range for a long or a breakdown at the lower range for a sell position.

 

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

crypto training course

Be the first to comment

Leave a Reply

Your email address will not be published.


*