XMR/USD Medium-term Trend: Bullish
Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00
Monero resumes in a bullish trend in the medium-term outlook. The bears’ pressure pushed price down to $115.03 in the demand area of yesterday range and lost momentum. The bulls returned and pushed price up $124.58 in the supply area above the 10-day EMAs.
Price was at this demand area on 12th and 29th of June. Each time price gets here the bulls always return, hence we may see a push of price up north.
The stochastic oscillator is at 32 percent and its signal is pointing up which implies upward movement in the price of the cryptocurrency may be seen.
As the bulls increase their pressure and more bullish candles are formed above the 10-day EMA we may see the coin at $133.00 in the supply area in the medium-term.
XMR/USD Short-term Trend: Bullish
The cryptocurrency returns to bullish trend in the short-term outlook. The bears’ journey to the south seems terminated at $115.03 in the demand area when they lost momentum.
The bullish momentum led to price at $124.58 in the supply area.
The fourth touch of Price on the downward trendline led to a breakout as you can see this indicates the bulls may be back as we saw momentum increase.
Price is above the two EMAs which indicates bullish pressure. Upward price movement of the cryptocurrency may occur as the bullish pressure increases.
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