XMR/USD Medium-term Trend: Bullish
Supply zones: $150.00, $160.00, $170.00
Demand zones: $100.00, $90.00, $80.00
Monero continues in bullish trend in the medium-term outlook. The bears had a sway of the market after the formation of bearish railway track at $132.90 in the supply area. Price was pushed down to $113.37 in the demand area.
The bulls made a push to the $121.66 in the supply area but could not sustain it due to the formation of an inverted hammer, a reversal pattern that ushered in the bears.
With the Fibonacci retracement tool, you can see price is within the 23.1 and 38.2 level. A break and close above the 38.2 level will favour the bulls to continue pushing price further up to the 50 or 61.8 level which is likely areas for bears return.
The stochastic oscillator is in the oversold region with signals pointing up. It suggests upward momentum in price movement of the cryptocurrency as the bulls increases their pressure.
XMR/USD Short-term Trend: Bullish
The cryptocurrency remains in bullish trend in the short-term outlook. Although the bears were in charge in the early hours of trading as price was pushed down $113.37 in the demand area.
The bulls gradually increase their momentum as the bears are not giving up, but price was successfully pushed $121.66 in the supply area above the 10-day EMA.
The Fibonacci levels have price on 23.1 which is a trend continuation level. It implies that the bulls may ensure the cryptocurrency price upward movement.
The Stochastic Oscillator is at 76 percent and it signals unclear. We may likely see a pointing up for upward momentum in price movement as the bulls pressure becomes strong for uptrend continuation resumes.
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