Monero Price Analysis – April 30 $XMR

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

Monero, XMRUSD, Cryptocompare chart

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.

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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