XMR/USD Medium-term Trend: Bullish
Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00
XMR is in a bullish trend in the medium-term outlook. The bullish pressure continued as $140.01 of the upper range was nicely broken and the cryptocurrency was further up to $149.10 in the supply area above the two EMAs crossover.
This move was with a large bullish engulfing candle with the 10-day EMA acting as a strong support for bulls return and against the bears further downward push.
Minor pullback due to the bears’ comeback is necessary for the market correction for an uptrend continuation.
The Fibonacci retracement shows price is within the 23.6 fib level. The bears’ pressure may continue to the 38.1. These levels are trend continuation zones The bulls may stage a comeback. Likewise, the 38.2 is around the 10-day EMA a strong support for the bulls.
XMR/USD Short-term Trend: Ranging
The cryptocurrency is in a ranging scenario in the short-term outlook. The bulls momentum was high as price was up 149.10 in the supply area due to the formation of the railway track at the opening of the market.
The momentum was weak as the bears set in and pushed price below the 10-day EMA with the stochastic oscillator at 53 percent and the signal points down. This signifies the bears increased pressure.
The cryptocurrency is in consolidation and trading between $145.47 in the supply area of the upper price range and $136.69 in the demand area of the lower price range.
Traders should patiently wait for a breakout at the upper range or a breakdown at the lower range before taking a position in the market.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.