XMRUSD Long-term Trend: Bullish
Supply zone: $220.00, $240.00, $260.00
Demand zone: $150.00, $130.00, $110.00
At the beginning of last week, a bullish Doji formation on Monero resulted in the uptrend of the pair. After the break and close of the candle above the supply zone at $200.00, the bulls have kept pushing the price high. Currently, the price got to the supply area at $205.20 before retracing. The bullish engulfing candle formed after the Doji from the chart on 14th April, above the three moving averages crossover, all indicate high buying pressure. Although the stochastic oscillator is in the overbought area, a momentum to the upside exists.
The pair will continue its uptrend in the week ahead, with more candles formed and closed above the three exponential moving averages crossover, due to the formation of the double top around the supply zones at $203.00. The bears may hold sway briefly, but the exponential moving average will act as strong support before we see the bulls coming in and give Monero a leap to the $210.00 supply area.
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