Monero (XMR) Daily Price Forecast – August 28

 

XMR/USD Medium-term Trend: Bullish

Supply zones: $200.00, $210.00, $220.00
Demand zones: $60.00, $50.00, $40.00

XMR is in bullish trend in the medium-term outlook. $100.00 at the upper supply area of yesterday range was nicely broken by the bulls as they establish supremacy over the bears.

Price was further up to $106.46 in the supply area before the close of yesterday market.
Price was up $106.99 in the supply area as the bullish momentum increased.

A pullback to retest the broken upper supply area may occur as the bears stage a come but this is necessary for the market correction before uptrend continuation.

Price is above the EMAs crossover with the stochastic oscillator at 64%. These imply upward movement in price of the cryptocurrency within the rage. $112.00 may be attained in the medium term as the bulls continue the journey north.

XMR/USD Short-term Trend: Bullish

The cryptocurrency continued in its bullish trend in the short-term outlook. Price was up $106.46 in the supply area before the close of yesterday market.

The 1-hour opening though bearish at $105.12, the bullish momentum continues and the cryptocurrency was up $106.99 in the supply area.

Minor pullback may occur but this is should be seen as a correction necessary for upward price continuation.

 

 

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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