XMR/USD Medium-term Trend: Bullish
Supply zones: $150.00, $160.00, $170.00
Demand zones: $120.00, $110.00, $100.00
Monero resumes bullish trend in the medium-term outlook. The bears’ had a successful run over the weekend as they break major demand zones and in particular, the $158.75 predicted last week. Price was pushed to $130.60 at the demand. This was the first time price will retest this demand area after it broke out to the upside at the same area on November 21st, 2017. This provides the bulls with an opportunity to return to the market. They succeed in pushing price to the $138.70 in the supply area. The bears returned again and pushed price down to the demand area. The formation of bullish hammer close to the supply area confirms the presence of the bull to take over from the bears. The stochastic oscillator is in the oversold region at 21 percent with its signal pointing up. This suggests upward momentum by the bulls as they push price up. The break and close of the current candle above the supply area will be a good confirmation for the bulls takeover of the market.
XMR/USD Short-term Trend: Bullish
The cryptocurrency returns on a bullish trend in the short-term outlook. The opening of the day has been characterized with a mixture of both the bullish and bearish run. The bulls pushed price up to $139.50 at the supply area while the bears return price to the demand area at $133.00.The stochastic oscillator is at 67 percent and its signal points up. Meaning upward momentum by the bulls to push price further up.
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