XMRUSD Medium-term Trend: Bullish
Supply zones: $300.00, $320.00, $340.00
Demand zones: $180.00, $160.00, $140.00
Monero medium-term outlook is bullish. The bullish comeback after bears impact yesterday is gradually gaining momentum. Downward price rejection is seen at $250.00 demand area with a double bottom formation. More candles are seen opened and closed within the 12 exponential moving average. This is buyers’ arena and it thus implies that more buyers are getting back into the market.
Stochastic oscillator is above the 50 percent with signal pointing up meaning more upwards momentum will be seen in the market. A break above $280.00 supply area is likely in the medium-term as more bullish candles formed and closed above exponential moving averages.
XMRUSD Short-term Trend: Ranging
The short-term bias for monero is ranging. The supply area at $275.00 and $250.00 demand area captures the ranging scenario. The sellers successfully pushed price down to the demand area with fakeouts that produce triple bottom formation. This is reversal signal and brought in the bulls.
The buyers pushed price to the $274.00 supply area. This upward move was rejected and price was brought back down to the $250.00 demand area. Traders could take small profits as price move within this range or wait for a breakout or breakdown from the range.
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