- The long-term outlook is in the uptrend.
- The exhaustion at the lower line of the range may be considered a good buy entry.
XMR/USD Long-term Trend: Bullish
Supply zone: $100.00, $110.00, $120.00
Demand zone: $30.00, $20.00, $10.00
XMR is in a bullish trend in its long-term outlook. After a push to $73.00 in the supply area on 8th April, the bullish momentum was lost with the formation of a double top, an indication of bears returned.
The cryptocurrency dropped initially to $68.03 and later to $62.50 in the demand area on 10th April. This bears activities is a correction to the bullish impulsive movement and also to confirm the uptrend continuation.
The correction may see price dropped one more time to $63.00 area to give a triple bottom formation before the resumption of the bulls.
Price is above the 50-EMA while the stochastic oscillator signal points down at 64% an indication of downward momentum before the bulls stage a returned and the cryptocurrency is pushed back up.
Initial target is $73.00 and later to $84.00 in the supply area as the bullish pressure becomes stronger.
The views and opinion as expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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