XMRUSD Medium-term Trend: Bullish
Supply zones: $220.00, $230.00, $240.00
Demand zones: $160.00, $150.00, $140.00
The bulls took over Monero and resumed the uptrend. The break of the trendline by a long bullish engulfing candle hs left the demand zone to attest to the bulls takeover. The price was pushed high up to the supply zone at $193.96, similar to the 3rd of April high of $192.91, and created a nice double top. The price is above the three exponential moving averages, confirming the bulls’ presence. The moving averages are fanned apart, indicating strength in the uptrend. Due to the double formation, we are likely to see a minor retracement to the downside, but will be rejected by the moving average, which will result in the uptrend continuation. A test of $200.00 supply zone is imminent, which will further lead us to the $220.00 supply area.
XMRUSD Short-term Trend: Bullish
As analysed yesterday, Monero’s short-term outlook continues in bullish style today. After a break of the $193 supply zone yesterday, the bulls took the price high up to $194.30 supply area early this morning. The price is above the three exponential moving averages signaling bulls’ pressure. Stochastic Oscillator is above the 50 percent level, with its signal pointing up. This means that the momentum to the upside is high. The double bottom formation (uptrend signal) at the demand zone of $187.00 area will likely bring in more buyers that will drive Monero to the $200.00 supply zone. Minor pullbacks may occur, but are good upward trend continuation signals.
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