XMR/USD Medium-term Trend: Bullish
Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00
Monero continues in a bullish trend in the medium-term outlook. $149.32 in the supply area was the cryptocurrency new high as the bullish pressure was sustained.
The formation of a bearish inverted hammer brought the bears back. The momentum was low as they could only push price to $143.52 in the demand area.
Price is above the two EMAs crossover and the EMAs are fanned apart which suggest strength in the context of the trend and in this case the uptrend.
The Fibonacci retracement shows that price is within the 23.6 fib level which is s trend continuation zone. It implies that as the pullback is within the 23.6 and 38.2 the bulls still have control of the market.
XMR/USD Short-term Trend: Ranging
The cryptocurrency enters into consolidation in the short-term outlook. The bullish pressure pushed the cryptocurrency to a new high of $148.78 in the supply area. The inverted hammer a reversal pattern had little impact. Price was down $141.87 in the demand area.
The bulls returned at the opening of the market and drove price to $149.32 in the supply area. The formation of inverted bearish hammer another reversal pattern returned the bears.Price is pushed down to $143.52 in the demand area below the 10-day EMA.
The stochastic oscillator is at 23 percent and its signal points down. This implies downward movement in price will occur as the bears’ momentum increases.
The cryptocurrency is ranging and trading between $149.15 in the supply area of the upper price range and at $141.34 in the demand area of the lower price range. Patience should be exercise trading the range as a breakout to the upside or breakdown at the downside may occur soon.
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