- The long-term outlook is in a bullish trend.
- New high may be attained in the new week with sustained bullish momentum.
XMR/USD Long-term Trend: Bullish
Supply zone: $100.00, $110.00, $120.00
Demand zone: $30.00, $20.00, $10.00
XMR is in a bullish trend in its long-term outlook. The bulls sustained the momentum to the upside with an initial breakout at the upper supply area of the range on 7th May as predicted. The cryptocurrency rose to $74.77 but closed within the range with a wick an indication of momentum loss.
The bears returned and push price down to $65.24 in the demand area breaking the 10-EMA as price hovers above the 50-EMA.
The formation of tweezer bottom signal the bulls returned as XMRUSD rose to $69.99 within the range. Increased pressure led to the break of the upper supply area, the second time with a large engulfing candle as market close on a bullish note this week, currently at $77.85 in the supply area.
The bulls may sustain the momentum in the days ahead as indicated by the stochastic oscillator signal pointing up at 65% and price is maintained above the two EMAs after a minor retracement that may occur.
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