Monero (XMR) Daily Price Forecast – August 30


XMR/USD Medium-term Trend: Bullish

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

XMR remains in a bullish trend in the medium-term outlook. The strong bearish pressure pushed the cryptocurrency from $108.88 in the supply area to $97.00 in the demand area. This is the 61.8 fib level which is the trend reversal zone.

The bullish comeback is most probably at this level and confirmation to this will be a bullish candle to reject the long bearish candle at this level. Traders should look for bullish candle reversal to confirm the uptrend continuation.

$112.00 may be attained in the medium term as the bulls continue the journey.

XMR/USD Short-term Trend: Bullish

The cryptocurrency is at a critical zone after a strong bearish pressure that dropped the coin initially at $100.59 in the demand area before the close of yesterday market.

The bullish momentum led to a rise in price to $106.40 in the supply area earlier today but a rejection of upward movement occurred as the bears returned.

Price was down to $97.00 in the critical zone. The formation of a bullish morning star is an indication of the bulls return. Price may be heading up north in the short-term outlook.



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

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