XMR/USD Medium-term Trend: Bullish
Supply zones: $200.00, $210.00, $220.00
Demand zones: $100.00, $90.00, $80.00
Monero continues in bullish trend in the medium-term outlook. The bulls kept the momentum high as they broke the 100 fib level of yesterday analysis.
The bears lost momentum at $127.83 in the demand area making the bulls come back stronger with a large engulfing candle that drove the cryptocurrency to $143.76 in the supply area. This was the highest price ever for two weeks.
Price is above the two EMAs crossover, and the EMAs are fanned apart which implies strength in the context of the trend and in this case the uptrend.
The Fibonacci retracement tool gives a possible level the bearish pullback might get to in the medium-term. The 23.6 and 38.2 are trend continuation levels, they are area to watch for uptrend continuation. Also the 10-day EMA may likely reject bearish pressure.
The stochastic oscillator is the overbought region at 78 percent with signals pointing up. It suggests further upward movement in the price of the cryptocurrency as the bullish pressure becomes stronger.
XMR/USD Short-term Trend: Bullish
The cryptocurrency continues in bullish trend in the short-term outlook. The bulls ensure that the cryptocurrency made a new high before the close of market yesterday.
The three dojis formed at $128.44 in the demand area returns the bulls that drove price to $143.76 in the supply area. This broke the 100 fib level at $133.35.
As analyzed yesterday the close of the candle above is a signal for further upward price movement. Price is above the 10-day EMA and the daily candle opened bullish at $141.16. These further confirms that price may likely head further north.
The stochastic oscillator is the overbought region at 74 percent with signals pointing down. It implies some downward momentum in price of the cryptocurrency may occur.
The Fibonacci tool helps to determine the retracement level. The 23.6 and 38.2 area possible area the bears could push price down to before further uptrend continuation in the short-term.
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