Monero, XMRUSD, Cryptocompare chart

XMRUSD Medium-term Trend: Bullish

Supply zones: $300.00, $320.00, $340.00

Demand zones: $180.00, $160.00, $140.00

The upward trend of Monero has been sustained in medium term. The break of the much anticipated $260.00 supply area as analyzed last week, happened on 20th April. This was with a long bullish engulfing candle above the 12 exponential moving average, before price was pushed down to $240.00 demand zone by the bears.

The moving averages have been acting very well as support against the downward price movement. The bulls succeeded in pushing price to a high of $288.79 earlier today. Pullback to key demand zones is likely to happen as the double top formation normally rejects bull moves. This draw down will not be a long one as it will be resisted by the exponential moving averages before the buyers stage a comeback.

XMRUSD Short-term Trend: Bullish

Monero, XMRUSD, Cryptocompare chart

Uptrend scenario continues for monero in the short-term. Ever since the $260.00 supply area was broken, price has kept making higher highs. The $285.00 supply area was broken earlier today as the bulls held on to the market. Momentum to the upside is still high as stochastic oscillator is heading to the overbought region.

Price is above the three moving averages crossover signaling bulls pressure. A retest of the $285.00 supply area is bound as the bull have pushed price away from demand area of $277.85. Traders should keep buying at key pullbacks as the overall outlook remains bullish.

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