Monero Long -Term Price Analysis

Azeez Mustapha
  • Bullish control of Monero continues in the long-term
  • Continuous buying at pullbacks sensible

XMRUSD Long-term Trend: Bullish

Supply zone: $320.00, $340.00, $360.00

Demand zone: $180.00, $160.00, $140.00

Monero's bullish movement will continue in the long-term. The bulls’ impact was really strong as the price broke the critical supply zone at $250.00, with a strong bullish engulfing candle. The $273.86 supply area was the highest last week. The week opened above the $250.00 critical area and now turned to the demand zone after the pullback. This is above three exponential moving averages crossover. This shows more bullish pressure will be experienced in the days ahead. Moreover, the three moving averages are fanned apart, signaling strength in the trend. A minor pullback is expected to occur, but a rejection to the downside by the moving averages will be seen.

Monero, XMRUSD, Cryptocompare chart

The upward move is bound to continue and buyers are set to keep pushing the price higher. The $270.00 supply area is set for a retest. This will be the the fourth touch and more probably a breakout is certain. More bullish candles are expected to open and close above the three exponential moving averages crossover. A break and close of above the $300.00 supply area will see Monero comfortably looking good for a $350.00 weekly close.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

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