Monero (XMR) Daily Price Forecast – August 9

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XMR/USD Medium-term Trend: Ranging

Supply zones: $200.00, $210.00, $220.00
Demand zones: $70.00, $60.00, $50.00

XMR is in a range in the medium-term outlook. The bearish pressure pushed the cryptocurrency down to $92.92 in the demand area below the 10-day EMA. Further consequences of the SEC decision to postpone its decision on several bitcoin ETFs.

The bulls managed to stage a comeback after the opening of the day market. The 4-hour opening candle was a large bullish candle and price was up $101.41 in the supply area. Further price upward movement was rejected due to the formation of bearish inverted hammer and doji.

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.

The stochastic oscillator is in the oversold region at 18 % and its signal is undefined. This implies a ranging scenario.

XMR/USD Short-term Trend: Ranging

The cryptocurrency is in consolidation in the short-term outlook. The bullish pressure resumes and pushes price up to $101.41 in the supply area after price was down to $92.92 in the demand area due to the bears’ pressure.

The bears returned after the formation of a bearish inverted hammer and drop the cryptocurrency at 94.31 in the demand area before losing momentum.

The coin is 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 be 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.

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