Monero (XMR) Daily Price Forecast – August 7

Fibo Quantum

live cryptocurrency event

XMR/USD Medium-term Trend: Bearish

Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00

XMR continues in the bearish trend in the medium-term outlook. The strong bearish pressure was sustained and the cryptocurrency was down to $113.01 in the demand area before the close of yesterday market.

The opening 4hour candle was a bullish pinbar and expectedly the bullish momentum to set in but this was rejected at the 10-day EMA acting as a strong resistance to upward price movement.

The stochastic oscillator is in the oversold region at 27 % and its signal points down which implies downward momentum in price of the cryptocurrency may occur as the bears’ pressure becomes much stronger in the medium-term.

XMR/USD Short-term Trend: Ranging

The cryptocurrency continues in the range in the short-term outlook. The bears’ pressure in the range pushed price to $111.87 in the demand area.

The bearish spinning top was a signal to the bulls return and price was pushed up $115.02 in the supply area before lost in momentum leading to bears returned after the bearish railway track and price was down to $112.54.

The morning star formation at this demand area means bulls are back and upward price movement within the range may occur in the short-term.

The cryptocurrency is in consolidation and trading between $117.43 in the supply area of the upper range and at $111.89 in the demand area of the lower price range. A good range strategy to take profit within the upper and lower channel may be considered while cautiously waiting for a breakout or breakdown.


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

crypto training course

Wood Profits Banner>