Monero has resumed a fully bullish trend as it entered into the $139.14 bullish supply area during the weekend. The cryptocurrency, which has maintained a good record as one of the most steady gainers of the year has bounced back to victory. The price action formed a bullish and doji candle confirming that the bulls are in full control of the market. This pushed the price to the $141.15 supply area this morning. The buyers are full of steam in the market and they’ve pushed the sellers out of steam.
Monero (XMR) is Bullish Against the USD
The price is above the 23.6% Fibonacci retracement level showing that the bullish pressure will continue medium-term. This week opened bullish with Monero’s price at $130.36 which is far better than last week’s opening of $129.38. This shows that the week will be marked by a lot of bullish pressure.
Monero (XMR) Price Today / USD
The short-term outlook of Monero is bullish just like the medium-term outlook. The bulls pushed the price from $129.10 which was a demand area to $141.15 which is a supply area. Yesterday, the opening price was $130.36 but today the opening price was $138.51. This improvement shows that the buyers have gathered momentum in the market and are fully prepared for an upward price movement.
The price is between 23.6 and 38.2 percent of the Fibonacci retracement level of the last price wave. This is a trend continuation territory. What this means is that the price trend is going to remain upward and more buyers are taking short-term positions.
According to the price analysis of Azeez M, this will be a good time to buy Monero if you don’t already have it in your portfolio. This price is only going to go higher short and medium-term as the bulls have dominated the market. Buying now will save you money.