XMR/USD Medium-term Trend: Bullish
Supply zones: $150.00, $160.00, $170.00
Demand zones: $100.00, $90.00, $80.00
Monero is in bullish trend the medium-term outlook. After the bullish run to $129.81in the supply area of the upper price range, the bulls lost momentum. The bears managed to push price down to $123.31 in the demand area.
The formation of bullish hammer brought the bulls back. The bullish pressure was strong as $129.00 in the supply area of the upper price range was broken. A new supply area was formed at $134.49.
The bears made a minor pullback due to the formation of an inverted hammer, a reversal candle pattern and pushed price to $130.09 in the demand area.
Price is above the two EMAs crossover and the two EMAs are fanned apart which suggests strength in the context of the trend and in this case the uptrend.
The stochastic oscillator is in overbought at 73 percent, with signal points down. It suggests a downward momentum in price movement of the cryptocurrency. This should be seen as a pullback for upward trend continuation.
XMR/USD Short-term Trend: Bullish
The cryptocurrency continues its bullish trend in the short-term outlook. The bulls were able to gather enough momentum at the opening of the day and break the resistance at $129.00.Price was pushed higher to $134.49 in the supply area.
The Inverted hammer- a reversal candle formed at $134.49 in addition to the bearish candle in the supply area brought the bears back. Their momentum was weak as the 10-day EMA acted against further bearish movement.
The Stochastic Oscillator is at 59 percent and it signals is pointing up suggesting upward momentum in price movement as more bullish candles are formed above the 10-day EMA.
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