- The long-term outlook is in a bullish trend.
- A retest is most probable before uptrend continuation.
XMR/USD Long-term Trend: Bullish
Supply zone: $100.00, $110.00, $120.00
Demand zone: $30.00, $20.00, $10.00
XMR long-term outlook is in a bullish trend. The week just ended saw the bulls broke $52.20 in the upper supply area of the range initially on 14th March but retraced and closed below the range. Increased momentum led to the final breakout on 15th March as XMRUSD rose to $53.27 and closed as a bullish marubozu candle.
The strong bullish pressure led to a rise in price to $55.53 in the supply area on 16th March.
The days ahead looks good for the bulls to continue dominance but before the continuation, a brief pullback to retest the broken upper at $52.20 may occur due to the bears’ pressure.
Price is above the two EMAs with the stochastic oscillator signal pointing up at 89% in the overbought region. These suggest an upward momentum in price of the cryptocurrency in the new trading week.
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