XMR/USD Medium-term Trend: Bullish
Supply zones: $200.00, $210.00, $220.00
Demand zones: $100.00, $90.00, $80.00
Monero remains in a bullish trend in the medium-term outlook. Although due to the bears’ pressure price was pushed down to $130.07 in the demand area. This is at the 50.0 fib level, a reversal zone.
The bulls indeed return as they pushed price back up to $135.22 in the supply area above the 50-day EMA and in the 38.2 area a trend continuation zone. Moreover, we have a bullish candle formation in this area.
The market correction is what has been happening due to the bears’ pressure and the retracement seems to have ended and a new trend in place.
The stochastic oscillator is in the oversold region at 18 percent with it signal pointing up. This implies upward movement in the price of the cryptocurrency as the bulls momentum and pressure increases.
XMR/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in the short-term outlook. The bulls effort for upward price movement was rejected during the opening of today’s’ market at $138.47. The bears pushed price down to the demand area at $130.07.
With the Fibonacci tool, price is above the 23.1 level which is a trend continuation zone. It implies the uptrend that resumes is likely to continue as the bulls’ presence and pressure increases.
The stochastic oscillator is at 49 percent with signal pointing up. It implies upward movement in price of the cryptocurrency will occur in the short-term as the bull pressure increases.
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