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Monero (XMR) Daily Price Forecast – August 16



XMR/USD Medium-term Trend: Ranging

Supply zones: $200.00, $210.00, $220.00
Demand zones: $60.00, $50.00, $40.00

XMR is ranging in it the medium-term outlook. The bullish pressure was sustained and price was pushed up $94.18 in the supply area before the end of yesterday trading.

The 4-hour opening candle was bullish at $89.09 and price was back up at $92.71 in the supply area and price was up $91.45 in the supply area.

XMR is ranging and trading between $100.00 in the upper supply area and at $78.00 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: Bearish

The cryptocurrency is in a bearish in the short-term outlook. The bulls had a nice run yesterday as the cryptocurrency was up $94.18 in the supply area. The bears returned and dropped the coin at $88.62 in the demand area before the close of yesterday market.

The 1-hour opening candle was bullish at $89.09 and price was up to $92.71 in the supply area. The head and shoulder pattern formation is seen as a large bearish engulfing candle completes the right shoulder for possible bears come back. And price journey down south will continue


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

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