XMR/USD Medium-term Trend: Bullish
Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00
Monero continues in a bullish trend in the medium-term outlook. The bulls kept the momentum high as the cryptocurrency was up $125.94 in the supply area. The formation of a bearish inverted hammer, a reversal pattern returned the bears to the market.
The pullback by the bears saw the coin down to $122.47 in the demand area.
The upward trendline acted as a strong support. Each time price touches it we have a bounce. It implies that a bounce to the upside is expected as price touches it the third time, currently happening.
Price is above the 10-day EMA. As the bullish pressure becomes stronger and momentum increases more bullish candles may be formed closed above the EMAs which may take the cryptocurrency to retest the $131.48 in the supply area in the medium-term.
XMR/USD Short-term Trend: Bullish
The cryptocurrency continues in a bullish trend in the short-term outlook. The bulls’ journey to the north continues after the breakout from the trendline of July 13th price forecast. The cryptocurrency made a new high of $125.90 in the supply area.
The bears’ return saw price down to $122.83 in the demand area. This was a pullback necessary for the market correction. The bulls stage a comeback with a large engulfing candle and push the cryptocurrency to a new high of $127.97 in the supply area.
Price is above the two EMAs and it is forming higher highs and higher lows that are unique features of up trending market. The cryptocurrency may experience upward movement in price resulting in new highs as the bullish momentum increases.
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