Monero (XMR) Daily Price Forecast – June 6

XMR/USD Medium-term Trend: Bearish

  Supply zones: $180.00, $190.00, $200.00

Demand zones: $150.00, $140.00, $130.00

Monero is still bearish in the medium-term outlook. The bear pressure continues as the bulls lost momentum and could not break the resistance at the $168.00 supply area. The daily candle closed below the 10-day EMA which is a reflection of the bears’ strong pressure despite the high daily opening price. Daily candle opened bearish which implies the presence of sellers to push price further down. The two EMA are not close but are fanned apart which gives more confirmation to the downtrend.

XMR/USD Short-term Trend: Bearish

Consolidation is the scenario we are having in the short-term outlook of the pair. The bulls lost momentum as they move price up to the supply area at $167.00 from the demand area at $156.00. The bears and the bulls are in a struggle for market control. The pair is trading within the upper supply area at $167.00 and the lower demand area at $159.00. A bearish railway track is seen formed in the chart. This simply means that the bears are back in the market to push price further down and in particular to the demand area.

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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