Monero (XMR) is bearish in at present’s XMR worth evaluation for the quick and medium time period
Monero was breakthrough in yesterday’s XRM price analysis and the bearish trend has continued today. The cryptocurrency is bearish in the short and medium term. The bearish wave began after Monero broke the target of $ 127.24 and fell to the $ 119.40 level in the demand area. The EMAs have fanned out and Monero is now below the EMAs crossover, indicating that the downtrend is strong. The stochastic oscillator is oversold at 10% with its signal currently pointing down. This means that there is a downward momentum.
XRM price analysis for August 1st
In today’s XRM price analysis, the bearish rotation overlying a reversal candle pattern could invite the bulls back into the market. After that, a pullback can pull the price to the Fibonacci retracement level of 38.2 or 23.6 before resuming the downtrend. Monero’s bearish trendline is still noticeable in the short term, with a lower low of $ 120.91, its first in a long time. Monero hit this new low at the end of yesterday’s market. The price fell from that low to the $ 119.40 demand area today, according to Azeer M’s price analysis in the Bitcoin Exchange Guide.
Monero (XMR) Price Today – XMR / USD
The stochastic oscillator is in the short term at 81% in the oversold region with the signal pointing down. This means that the bears have gained momentum in the market. There is an Elliot wave pattern in the market that shows a fifth price wave. The bears may target the b in abc’s corrective wave for the short term as price momentum accelerates.
Monero has been strong since the beginning of the year. Even when the overall market was subject to bearish pressure, Monero made some headway in the bullish space. The current bearish wave is daunting but not surprising. The next few trading days will determine whether the Monero (XMR) price movement will change and the bears will take over the market.
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Ufuoma Ogono is a cryptocurrency writer with over 3 years of experience in the cryptocurrency industry. She devotes her time to sharing valuable information with members of the cryptocurrency community.