- The long-term outlook is in an uptrend.
- The 161.8($60.94) in the fib extension is the bulls long-term initial target.
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 remains in a bullish trend. The pullback by the bears pushed the cryptocurrency down to $50.37 in the demand area on 26th March. This formed a confluence for a bullish retuned.
The demand area was the 61.8 fib area, a trend reversal zone. The tweezer bottom was formed around this area, while the 50-EMA serve as a support for the bulls returned.
$55.49 in the supply area was the high of the week as the bulls sustained the pressure in this new week with a bullish engulfing candle. XMRUSD is already up at $57.94.
Price is above the two EMAs and the stochastic oscillator points up at 76% an indication of upward price movement in the long-term with $60.94 in the supply area as the bulls target in the new week.
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