XMRUSD Medium-term Trend: Bullish
Supply zones: $320.00, $340.00, $360.00
Demand zones: $180.00, $160.00, $140.00
Monero bullish trend continues in the medium-term outlook. Daily candle opened above the 26 exponential moving average at $283.51. This was higher than yesterday opening price at $274.52. This suggests that more buyers are coming back into the market, as we saw a push to $296.22 supply area earlier today.
The exponential moving averages are still fanned apart which imply strength in the uptrend. Pullbacks to demand areas especially within the moving averages are expected as the bears make their presence felt. Rejection at these areas is sure because the bulls will stage a comeback for upward trend continuation. The supply area at $300.00 is so close we should see monero comfortably in this area in the medium-term outlook.
XMRUSD Short-term Trend: Bullish
The bulls are still in charge of monero in the short-term. The bear’s impact at today market open ($283.51) which is a supply area, pushed price down to $280.00 demand zone. This set up a reversal signal with bullish doji candles formation. The bulls came in and drove price to $296.22 supply area.
Stochastic Oscillator is in buyers’ area with 87.89 percent. Momentum will keep increasing as more buyers step into the party and monero likely to test the $300.00 supply area shortly.
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