Monero (XMR) price is trading in range medium-term as the bulls and the bears struggle for dominance in the market. The bulls had some control in the market but the bearish pressure came with the wind. After the bulls pushed the price to $134.47 the bears pushed it to $117.68. This is a new low for Monero this month which indicates that the bulls are losing momentum and the bears are slowly taking control of the market.
Monero (XMR) Price Analysis
Monero is consolidating and trading between $128.49, which is in a supply area, and $116.46, which is a demand area. This is according to the price analysis of The stochastic oscillator is currently at 55% with an undefined signal confirming the price consolidation. Traders should consider waiting patiently before adopting the price consolidation. It's better to wait for a defined trend either through a breakout or a breakdown at the upper range or lower range consecutively.
Monero (XMR) Price Today / USD
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Monero (XMR) price is on a bearish trend short-term. The cryptocurrency is still moving south because of the bearish pressure that is consuming the market. Irrespective of the bearish pressure that was observed at the beginning of today's trading session, the bulls were able to make progress to $125.46. Also, there was a railway track formed along with a reversal pattern that was expected to cause upward movement in the price of Monero but there was a rejection and bears came back with full force.
Monero (XMR) is forming lower lows and lower highs. This is a trend that is common when the market is bearish. As the bears increase their pressure in the market, it will form lower lows. Today, the price opened at $121.79 after closing at $122.67 yesterday. This shows that more sellers are entering into the market to increase the bearish pressure and pushing the price south.
Posted from my blog with SteemPress : https://smartereum.com/24042/monero-price-analysis-monero-xmr-price-is-stuck-in-the-crossroads-as-the-bulls-and-bears-struggle-for-dominance-in-the-market-monero/