- The long-term outlook remains in a range bound market.
- The bulls remain in control of the control with a possible breakout.
XMR/USD Long-term Trend: Ranging
Supply zone: $100.00, $110.00, $120.00
Demand zone: $30.00, $20.00, $10.00
XMR continues in a range-bound market in its long-term outlook. The bulls made a remarkable comeback within the week as predicted breaking out of the 10-EMA. Price rose initially to $66.00 in the supply area on 30th April.
Increased momentum signaled by the bullish marubozu, led to a retest at $71.79.00 with $71.92 as the high of the week around the upper price range as the week gradually winds up.
The bullish pressure may be sustained in the new week with a breakout at the upper supply area most probable. This is further confirmed with price above the two EMAs and the stochastic oscillator signal pointing up at 82% in the overbought region.
$72.00 is the upper supply area while $60.00 is the lower demand area of the range. A breakout or a breakdown may occur, hence the need for patience for a retest before taking a position in the long-term.
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