XMRUSD Medium-term Trend: Bearish
- Supply zones: $120, $130, $140
- Demand zones: $ 50, $40, $30
The price of Monero is in a bullish trend as the cryptocurrency recovered from the previous week. The crypto has broken the 12-day EMA and the 26-day EMA to reach the bullish trend zone. The crypto’s price is above the EMAs which indicates that the price is likely to rise. XMR is approaching the high of $52 as at the time of writing.
From the Stochastic indicator, the bands are approaching the 40% range.The crypto’s price has a bullish momentum as the price reaches the overbought region. The price of Monero is expected at the $65 price level but it may face resistance at the $55 price level.
XMRUSD Short-term Trend: Bullish
On the short term trend, the price of Monero is in a bullish trend. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that the price is also likely to rise. On this time frame, the Stochastic is already in the overbought region above the 80% range. The price of Monero has a stronger bullish momentum and a buy signal. The price of the cryptocurrency is expected to rise.
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