Monero price analysis: XMR/USD is dancing at the edge of a cliff; bearish trend could continue in the short-term
|- Monero price outlook in the medium-term is bearish.
- XMR/USD is banking on the trendline support as well as the weak support at $140.
Monero is battling to leave the confines of the medium-range channel. The bullish trend in progress is not that strong, although it has made considerable gains on the day rising over 1%. The upside has been limited below $145.00 while the stochastic is 46%; moreover, it has changed direction to show that the outlook in the medium-term is bearish.
The price is also consolidation between the upper supply zone at $145.81 and the demand zone at $136.35. For a few days now, the trendline seems to be presenting a bounce for the price in the event of declines, for instance at the upside movement at $122.5 into an engulfing triangle and $137.8 during the Asian trading hours on Thursday 19.
Yesterday, the bears broke the short-term support at $145.00, but the XMR/USD found a bearing above the 61.8% Fib retracement level between $147.56 and $120.20. The trend is bearish at the time of press. Monero is trading at $142.5 and the bullish trendline will hold the price above the weak support formed at $140 (former resistance).
XMR/USD 2-hour chart
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