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 a bullish trend in the medium-term outlook. The bulls show dominance as they pushed price continuously to fresh supply area initially to $139.14 over the weekend.

The formation of a doji and a bullish candle affirm the bulls’ control. Price was pushed up to $141.15 in the supply area. Price is above the two EMAs which connotes buyers’ presence and pressure.

With the Fibonacci retracement, price is above the 23.6 level which is a trend continuation pattern. It shows that the bullish pressure will continue.

This week opened bullish with price at $130.36 compared to last week opening of $129.38. Which implies that we may see more bullish pressure for upward price movement of the cryptocurrency this week.

XMR/USD Short-term Trend: Bullish

The cryptocurrency is in a bullish trend in the short-term outlook. The bulls were able to push price from $129.10 in the demand area to $141.15 in the supply area after the formation of a hammer on 8th of July.

Today opening price was $138.51 against yesterday opening of 130.36 which implies more buyers are in the marker for the upward price movement of the cryptocurrency.

The Fibonacci retracement shows price is between the 23.6 and 38.2 percent. These are trend continuation zones hence we are likely to continue the journey north as more buyers take a position in the short-term.


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

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