XMRUSD Medium-term Trend: Bullish
Supply zones: $280.00, $300.00, $320.00
Demand zones: $160.00, $140.00, $120.00
Monero‘s bullish trend continues with a higher daily opening price: $238.04 today against $231.40 yesterday and above the three exponential moving crossovers. This implies more buyers are in for a nice ride to the moon today. The bulls’ dominance was seen as the price got to the $250.10 critical supply zone. The three exponential moving averages are still fanned apart, suggestive of strength within the context of the trend. The exponential moving average 12 has been a good resistance point to the sellers’ downward push and it is going to continue to do so. The price is forming higher highs and higher lows that are uptrend identities. Although the stochastic oscillator is in the overbought area at 90.12%, there exists more room for upward momentum in the medium term to get to 100%. The 260.00 supply area is much anticipated, as more buyers jump into the train.
XMRUSD Short-term Trend: Bullish
The uptrend scenario continues for Monero in the short-term. The breakout from the supply area at $238.00 and a test of $250.00 was predicted yesterday. The bulls’ impact was seen as the price was pushed to the supply area at $250.10 and they are not done yet. The pullback to the $235.00 demand area is for the market correction, as the bulls are coming back strong. The Stochastic Oscillator is in the oversold region above the 50% level, with its signal up, indicating the upward momentum. More candles will likely be formed and closed above the three exponential moving averages as we see the momentum to the upside increased, and buyers may push the price to the $260.00 supply area. Traders should buy within the exponential moving averages, as sellers push the price to the critical demand area.
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