XMRUSD Medium-term Trend: Bullish
Supply zones: $260.00, $280.00, $300.00
Demand zones: $160.00, $140.00, $120.00
The bulls are back for Monero. After the triple top formation (downtrend indicator) in the supply area of $204.00, the bears pushed the price to the demand zone at $196.00 area. The buyers comfortably came in and pushed the price to the $230.00 supply area, same as of March 21st. The daily candle opened at $196.86, above the three moving averages crossover. This means that more buyers’ pressure is likely in the medium-term. The break of the triple top along with the bullish candle from the demand zone are clear indications that Monero is set for a good run to the North. The Stochastic Oscillator is at 76 percent level, which is an indication of strong upward momentum. The $260.00 supply area is just a stone throw away.
XMRUSD Short-term Trend: Bullish
After consolidating throughout yesterday, Monero broke out with a strong bullish engulfing candle. This is much expected, as a rejection to the downside is seen at the $196.00 demand area. The breakout happens earlier today. The daily opening price ($196.86) was higher than yesterday’s opening ($194.83), meaning that buyers are gradually coming back. Their dominance was established and the price was pushed to the supply zone at $231.88. Minor retracement is expected in the short-term, as the stochastic is in overbought region. The three exponential moving averages are likely to act as strong resistance points for downward moves. Traders should look for more buying opportunities within the moving averages, after the bullish candles formation.
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