The price of Monero is trading bullish against the USD with demand zones at $50, $40, $60 and supply zones at $220, $210, $200. The bullish trend started yesterday when the entire cryptocurrency market started a bull run. The cryptocurrency traded as high as $108.22 which was in the supply area before the end of trading yesterday. The bears attempted a downward correction which was rejected by the bulls. The Bulls increased their momentum and continued on the bullish rally.
Monero (XMR) Medium-Term And Short-term Analysis
Medium-term, XMR spiked to the supply area at $108.88. The two EMAs on the one hour price chart are fanned out implying that the upward trend is strong and sustainable. There was a minor pullback attempted by the bears but the uptrend continuation followed suit. Medium-term, Monero (XMR) may rise above the $112.00 level as long as the bullish pressure continues.
Monero (XMR) Price Today – XMR / USD
Short-term, Monero is also bullish. Earlier this morning, it was trading as high as $108.22 in the supply area which was were it closed after yesterday’s trading session. The day started with a one hour bullish doji that was followed by a bullish candle. The price of XMR has been forming higher lows and higher highs on the uptrend market. However, the bulls are still in full control of the market. The bearish pullback was what reignited the bullish momentum. This is according to the price analysis of Azeer M on Bitcoin Exchange Guide.
Monero (XMR) Price Analysis Now
At the time of writing, Monero (XMR) was correcting downward trading at $106.16. It was down by 1.30% against the USD and 2.24% down against Bitcoin. The trading volume within a 24 hour period was about
$22,911,436 while the total market capitalization was $1,704,248,596. The circulating supply of Monero is currently 16,359,815 XMR. The next few trading sessions will determine if the price action will go continue to trade in favor of the bulls.