XMR/USD Medium-term Trend: Ranging
Supply zones: $200.00, $210.00, $220.00
Demand zones: $60.00, $50.00, $40.00
XMR returns in the range in the medium-term outlook. The bullish pressure from 18th August was sustained until the cryptocurrency was up $109.20 in the supply area.
Momentum was lost as the coin enters into consolidation with the bears pushing price down to $94.32. Despite the bullish opening 4-hour candle at $98.53 the bears still continue the push of the coin down south.
XMR is ranging and trading between $100.00 in the upper supply area and at $80.81 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: Ranging
The cryptocurrency is ranging in the short-term outlook. The bullish run from $79.93 demand area was lost at $109.22 in the supply area after bearish long-tailed formation.
$94.83 in the demand area was the point the bears could manage to drop the cryptocurrency as it enters into consolidation with the stochastic oscillator at 29% and it signals parallel.
The cryptocurrency is ranging and trading between $99.33 in the upper supply area and at $88.91 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.
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