Monero (XMR) Price Tests a Potential Bearish Reversal Level

Monero (XMR) Price Tests a Potential Bearish Reversal Level

Monero (XMR) Price Analysis: May 09

When the bulls continue to increase their momentum, $511 resistance level will be broken up side, and Monero will increase towards $550 and $610 levels. Inability to break up the $551 level, the price may decrease towards the $4449, $401 and $322 support levels.

Key Levels:

Resistance Levels: $511, $550, $610

Support Levels: $449, $401, $322

XMRUSD Long-term Trend: Bullish

Monero is bullish on the daily chart. Last week, the price was at $401 level with the price trying to retest the $322 level. The bulls increase their pressure to push up the price to the resistance level at $449 on May 06. The just mentioned level was penetrated and the price increases to $511 level.

Monero Daily chart, May 09

Monero price is currently pulling back to retest the $449 price level. It is trading above the 9 periods EMA and 21 periods EMA at a distance as a sign of bullish movement.   When the bulls continue to increase their momentum, $511 resistance level will be broken up side, and Monero will increase towards $550 and $610 levels. Inability to break up the $551 level, the price may decrease towards the $4449, $401 and $322 support levels. However, the relative strength index period 14 is at 70 levels with the signal line pointing down to indicate sell signal.

XMRUSD Price Medium-term Trend: Bearish

Monero is on the bearish movement on 4-Hour chart. The buyers’ pressure has pushed the price to the resistance level of $511. The bulls’ pressure could not break up the significant level of $511. It pulls back at the resistance level of $511 and currently consolidating at $449 level.

Monero 4-hour chart, May 09

The price is trading between the two EMAs with the 9-day EMA above 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.