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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 analysis of 29th July played out well as the bulls drove the cryptocurrency to $135.52 in the supply area. The bullish pressure was strong as price was pushed above the 61.8 fib level to the 100 level.

With the Fibonacci retracement tool drawn, you can see currently, price is between the 68.1 and 100 level. This is above the two EMAs crossover and sitting on the 10-EMA. It implies some element of bullish pressure exists for upward price movement of the cryptocurrency.

The stochastic oscillator is at 64 percent with signals undefined. It implies that as more buyers take positions the signals may be up as the overall medium-term outlook favour the bulls.

XMR/USD Short-term Trend: Bullish

The cryptocurrency continues in bullish trend in the short-term outlook. The bulls gradual increase in momentum at $124.58 in the demand area drove price up to $133.35 in the supply area.

The bears step in after the formation of a bearish railway track and the price was down to 127.96 in the demand area.

To determine this demand area, the Fibonacci tool was applied. It did shows that it was the 61.8 fib level. This is a good area to place a buy stop, a pending order in the context of an uptrend.

We may likely see a retest of the 100 fib level i.e $133.35 in the supply area. A break and close of candles above this area will suggest further journey north in the short-term.

 

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research

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