XMR/USD Medium-term Trend: Bullish
Supply zones: $200.00, $210.00, $220.00
Demand zones: $100.00, $90.00, $80.00
Monero remains in bullish trend in the medium-term outlook. The bulls temporarily lost momentum to the bears, whose pressure pushed price down to $136.52 in the demand area. This bears' current activities should be seen as pullbacks that are necessary for market correction.
The cryptocurrency is in an upward channel. You can see that each touch on the lower or upper line results in a bounce. A bounce is much expected as price approaches the lower line of the channel.
Price is above the 50-day EMA and hovering above the 10-day EMA, It implies bullish pressure is still valid.
Bullish activities may resume soon which will take the cryptocurrency to new higher highs in the medium-term. $148.70 in the supply area may likely be the bulls target.
The stochastic oscillator is at 78 percent with signals pointing down. It suggests downward movement in the price of the cryptocurrency due to the bears' pressure that may take price to the lower channel before the bullish takeover.
XMR/USD Short-term Trend: Bullish
The cryptocurrency continues in bullish trend in the short-term outlook. Although the bears' pressure pushed price to 50.0 fib level at $135.67 in the demand area yesterday. The formation of a doji return the bulls whose pressure led to the upward movement in price to $142.23 in the supply area.
The bears' subsequent return with a large bearish engulfing candle pushed price back to the 50.0 fib level area. This is the second time, which gives the double bottom formation- a reversal pattern in this demand area.
The stochastic oscillator is the oversold region at 25 percent with signals pointing up. It implies some upward movement in price of the cryptocurrency due to the bulls return may occur in the short-term.
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