XMRUSD Medium-term Trend: Bullish
Supply zones: $300.00, $320.00, $340.00
Demand zones: $180.00, $160.00, $140.00
Monero remains bullish in the medium-term. The pair is in a nice falling wedge which is characteristic of an uptrend continuation. The pair has made three touches to the trend line as seen in the chart above. The fourth touch has a high probability of a breakout from the wedge. The bears are pushing the price to the $240.00 demand area, which is very important as we see strong support in the area, creating a triple bottom. The bulls’ comeback is imminent. Traders should wait for a bullish pinbar or railway track at the demand area to place a nice buy for the upward price journey. A test of the $300.00 supply area is very close.
XMRUSD Short-term Trend: Ranging
The ranging scenario on the short-term continues for Monero. The bears pressure at the $260 supply zone pushed the price down to the $240.00 demand area. Monero is captured inside the $260.00 – $240.00 price range. Traders should carefully take a position trading the range. The bias is more buying at demand areas. This should occur especially after the bullish candle forms and closes above the three exponential moving averages crossover.
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