The Monero (XMR) Token has been in the bullish trend for a while now but the bulls have not lost momentum. This morning, the bears managed to gather some momentum temporarily and pushed the price to a demand area of $136.52. This shouldn’t scare you as it is a pullback required for the price action as discussed in yesterday’s Monero price analysis. The bottom line is that Monero is in an upward channel.
Monero Price Analysis for July 4th
The Monero price is hovering above the 10-day EMA and the 50-day EMA. This shows that the bulls still have the upper hand in the market despite the temporary pullback. As soon as the bulls resume, the cryptocurrency may go as high as the $148.70 supply area short-term.
Monero (XMR) Price Today / USD
The oscillator is at 78% and the signals are pointing downward suggesting that the bears have pushed the cryptocurrency downward and the price may go lower before the bulls take over the market again.
Monero Price is Bullish Short-term
Short-term, Monero price is bullish even if the bears pressured the price into the $135.67 level yesterday. The doji formation gave the bulls momentum to push back to $142.23. The bears returned again with a bearish candle that pushed the price to the 50.0 fib level causing a double bottom formation in the demand area.
The oscillator is current at 25% in the oversold region short-term with signals pointing up. This implies that the bulls will push the price upward in the short-term. Traders are encouraged to hold their coins and expect strong bullish pressure soon. The next few days of trading will determine how high Monero price will go up short and medium term, however, all indications show that the cryptocurrency is on the upside and every bearish pullback is temporary. The bulls still have full control of the market.