Monero (XMR) Daily Price Forecast – August 24

XMR/USD Medium-term Trend: Ranging

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

XMR continues in the range in the medium-term outlook. The sideways market continues as bullish pressure managed a push of price to $91.56 in the supply area and lost momentum with an inverted bearish pinbar formation.

The bears gradually returned due to bearish railroad formation with the 4-hour opening candle at $88.97. Price is currently at $88.34 in the demand area with room for further downward movement within the range.

The stochastic oscillator is in the oversold region at 15% and its signal parallel to a reflection of the consolidation scenario.

XMR continues ranging and trading between $100.00 in the upper supply area and at $80.81 in the lower demand area of the range. Patience should be adopted as the coin ranges to allow for a breakout or breakdown before taking a position.

XMR/USD Short-term Trend: Ranging

The cryptocurrency returns to the range in the short-term outlook. The bears’ momentum loss could not push the cryptocurrency pass $88.34 in the demand area as the coin enters consolidation.
The stochastic oscillator is in the oversold region at 7% with signal parallel which reflects of the ranging scenario.

The cryptocurrency is in consolidation and trading between $94.69 in the upper supply area and at $87.63 in the lower demand area of the range. Traders should be patient for a breakout or break to happen before flowing along.

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

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