XMR/USD Medium-term Trend: Ranging
Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00
XMR is in ranging scenario in the medium-term outlook. The bearish pressure was strong as the cryptocurrency was down to $126.86 in the demand area below the two EMAs.
The formation of a doji returned the bulls whose momentum push price up to $142.91 in the supply area above the two EMAs.
The crypto is in consolidation and trading between $140.01 in the supply area of the upper range and $129.79 in the demand area of the lower range. Traders should wait for a breakout at the upper range or a breakdown at the lower range before taking a position in the market.
XMR/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in the short-term outlook. Although the daily candle opened bearish at $129.86 and was down to $127.85 the bulls returned and pushed price initially to $134.42 in the supply.
Price is above the two EMAs crossover and is forming higher highs and high lows that are characteristics of up trending market.
As more bullish candle opened and close above the EMA crossover, XMR will make new highs 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.