XMRUSD Long-term Trend: Bullish
Supply zone: $320.00, $340.00, $360.00
Demand zone: $180.00, $160.00, $140.00
The bulls are still in control of Monero in the long term. Although the bulls’ impact was not significant, they still drove price to the $298.00 supply area. The bears pressure was responsible for the pullback to the demand area at $250.00, within the three exponential moving averages. This is still the buyers’ zone. Monero is set for a nice ride to the $350.00 supply in the week ahead as more buyers’ set in. The stochastic oscillator is at the 50% level and a rejection to the downside at this level is likely. This is because the momentum to the upside will be strong as more bullish candles formed and closed above the three moving averages crossover.
As long as the $250.00 demand area is not broken, the breakout to the upside is very likely. The bulls are going to come out strong in the week ahead. Buying at key demand areas is advisable as the bears lose momentum for the bulls’ comeback. The $300.00 supply area is most likely in a couple of days while the $350.00 looks good for a touch in the long term.
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