Monero (XMR) is looking bullish long-term just like many other cryptocurrencies in the market. This weekend saw a significant rise in price that was as a result of the bullish wave in the market. Unfortunately, the bullish pressure is settling and the price of cryptocurrencies are starting to correct downward. As for the most privacy centric cryptocurrency in the industry, Monero (XMR), the ride is bullish long term even if the bears are pulling it down now. The demand zone is at $80.00, $40.00 and $60.00 while the supply zones are in $160.00, $140.00, and $120.00.
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Yesterday, the strong bullish pressure in the market pushed the price as high as $126.18 which was in the supply area. This is even higher that the closing price last week at $122.60. The price of Monero (XMR) went above the 12 and 24 EMAs crossovers. The stochastic is at 89% in the overbought region and its signals are pointing up. This means that the price may move upward long-term as the bulls are gaining momentum in the market. More candles are being formed above the crossover and closing at the same level showing that the bulls are gaining control.
Monero (XMR) Price Now
There is a double bottom formation on the price chart signaling that the price is moving toward the $140.00 which is in the supply area. It’s possible that Monero may reach and even cross this supply area this week. At the time of writing, Monero was trading at $116.49. This indicates a 8.40% fall against the USD and a 6.48% fall against Bitcoin. The trading volume over a 24 hour period is $45,659,721 while the market capitalization is $1,914,256,072. The next few days of trading will determine if the price action of Monero will change or not. Traders should wait and see.
SEE ALSO: Ethereum (ETH) Reclaims Its Position From XRP