Monero (XMR) Price Is Heading Towards $165 Resistance Level

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Monero market may experience an increase in buyers’ momentum

Monero (XMR) Price Analysis: 08 January

Monero may rise toward the $185 and $203 barrier levels if buyers are successful in pushing the price past the $165 resistance level. If the $165 resistance level persists, the price might drop toward the support levels of $152, $144, and $134.

Key Levels:

Resistance Levels: $165, $185, $203

Support Levels: $152, $144, $134

XMRUSD Long-term Trend: Bullish

On the daily chart, Monero is moving upward. Due to a strong bearish trend, the currency fell to a low of $115 on November 9. The price rose due to the bulls successfully holding the $115 support level and breaking the $124, $134, and $144 resistance levels. On December 13, the $152 resistance level was tested, and it retreated to try the $144 support level. Last week, more pressure from the buyers broke up $152 level, exposing the coin to the $165 resistance level.

Bulls may dominate the Monero market in the upcoming week. The dynamic resistance level is being broken upside by Monero’s price. The coin is trading above the 9-period EMA and 21-period EMA. The price may rise towards the $185 and $203 barrier levels if buyers are successful in pushing the price past the $165 resistance level. If the $165 resistance level persists, the price might drop toward the support levels of $152, $144, and $134. The period 14 signal line for the relative strength index is pointing down at the 64 levels which may be a pullback.

XMRUSD Price Medium-term Trend: Bullish

On the 4-hour chart, Monero is rising. When the price approached the $115 support level, the negative trend came to an end. The price moved further north as the bulls acquired greater traction. On the upside, the $152 resistance level has been broken.

The price is currently pulling back, the $165 resistance level may be the target. The price is currently trading slightly below both the 9-day and 21-day exponential moving averages, indicating bearish momentum in the Monero market. The Relative Strength Index is bending down at 51 levels, indicating a sell signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.