XMRUSD Medium-term Trend: Bullish
Supply zones: $190.00, $200.00, $210.00
Demand zones: $175.00, $170.00, $160.00
As analysed yesterday with the stochastic oscillator in the oversold region and possibility for a bullish move, the bulls came in strongly and exerted their dominance in the market, as the price of Monero broke yesterday’s supply zones of $180.00 and $185.00. The stochastic oscillator is still pointing up, indicative of more bullish move and a possible break of the $190.00 price level. Price is above the three moving averages, also supporting the upward momentum.
XMRUSD Short-term Trend: Bullish
Monero is in a smooth upward trend. The bulls drove price high to break the two supply zones of $180 and $185.00. Strong momentum for the upside exists and strong as the three exponential moving averages are fanned apart. There are possibilities for buyers to keep buying into the supply zone $190.00 price level. Stochastic oscillator is within the 80 level and could likely get to the 100 level which supports the bullish momentum
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