Monero (XMR) Price; Breaking Up of $449 Level May Increase Price to $511

Monero (XMR) Price; Breaking Up of $449 Level May Increase Price to $511

Monero (XMR) Price Analysis: May 02

Should the bulls continue to increase their momentum, $449 resistance level will be penetrated, and Monero will increase towards $551 and $550 levels. Failure to break up the $449 level, it may send the price towards the $401, $332 and $281 support levels.

Key Levels:

Resistance Levels: $449, $511, $550

Support Levels: $401, $322, $281

XMRUSD Long-term Trend: Bullish

Monero is bullish on the daily chart. After the bulls increase their pressure to push up the price to the resistance level at $401 on April 20. The second test was carried out on April 26 after it pulled back to test the support level at $322 level. The bulls increases the price again to break up the resistance level of $401. Last week, the price increases to test the resistance level of $449.

xMRUSD Daily chart, May 02

Monero price is inclining with the daily bullish candle penetrating the 9 periods EMA and 21 periods EMA as a sign of bullish movement.   Should the bulls continue to increase their momentum, $449 resistance level will be penetrated, and Monero will increase towards $551 and $550 levels. Failure to break up the $449 level, it may send the price towards the $401, $332 and $281 support levels. However, the relative strength index period 14 is at 60 levels with the signal line pointing down to indicate sell signal.

XMRUSD Price Medium-term Trend: Bullish

On 4-Hour chart, Monero is on the bullish movement. The price pulls back at the resistance level of $401, the support level of $322 was tested but the bulls defended the mentioned level. Bullish engulfing candle formed and the price propelled to break up $401 and it increases to $449.

XMRUSD 4-hour chart, May 02

The price is trading around the two EMAs with the 9-day EMA interlocked with the 21-day EMA which indicate consolidation mode. The relative strength index is at $50 levels pointing down to indicate sell signal.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.