Monero (XMR) Price Rise is Disrupted By Bearish Pressure

The price of Monero is facing bearish pressure against the USD. The cryptocurrency is trading in range against the USD. The selling pressure pushed the price down to $135.58 which is a demand area. The price was below the two broken EMAs. This means that the bears are in control of the market. The stochastic oscillator is at 9% in the oversold region and the signal is pointing down. This means that the price movement is downward.

The Price Of Monero (XMR) Against The USD

The price of Monero entered into consolidation and started trading between $142.63 which was in the supply area and $132.35 which was in the demand area. While $142.63 was in the upper level, $132.35 was in the lower level. You have to be cautious during this consolidation period because it’s difficult to determine if a breakout of the upper price range will occur instead of a breakdown if the lower price range. The only thing that is certain is that one of them will happen soon.

Monero is still trading in range short-term as the bears successfully pushed the price down to the $139.94 demand area toward the close of yesterday’s market. There was a daily opening candle around $140.10 with bearish signs. As the bearish momentum increased, the price set a lower range at $136.69. This range was eventually broken and a new lower range was formed at $135.39 in the demand area.

There has been the formation of a bullish hammer which pushed the price to the $137.75 supply area. At the time of writing, however, the price of Monero was consolidating. It was trading between $145.47 and $136.69 according to the price analysis of Azeez M from Bitcoin Exchange Guide. Wait patiently for a breakdown or a breakout that has a candlestick confirmation to take any long positions in the market.

Name Price 24H (%)
Bitcoin (BTC)
Monero (XMR)

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Author Uma Johnson
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