XMRUSD Medium-term Trend: Bullish
Supply zones: $260.00, $280.00, $300.00
Demand zones: $160.00, $140.00, $120.00
The bulls continued their dominance of Monero. The daily candle opened above the three moving averages crossover, and at $231.40, higher than yesterday open of $196.86. This indicates that buyers are coming back strong into the market. The three moving averages are fanned apart meaning strong strength in the context of the trend. The minor pullback at supply area of $230.00 was rejected at the $220.00 demand area.
Price pushed to the supply area at $238.23 by the bulls. More buying pressure will be seen as more candles formed and closed above the moving averages crossover. Downward momentum rejection will continue as seen in the stochastic oscillator and its signal will turn up for a bullish move. Buying around the three moving averages is recommended as price pullbacks.
XMRUSD Short-term Trend: Bullish
The uptrend is valid for monero in the short-term. The break of $230.00 supply area twice yesterday, lead to the double top formation that resulted in the minor pullback that saw price at $226.41 demand zone. Bullish takeover resulted in price at $238.23 supply zone in the early hours of the market today.
Nice double bottom formation is seen at $226.00 demand area. This is a strong demand area traders should watch. As long as this area holds, breakout of $238.00 supply area is imminent. This will lead us to the $250.00 supply area.
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