Monero (XMR) Price May Break Down $244 Support Level

Updated:

Monero (XMR) Price Analysis: November 28

Should the bears continue to increase their momentum, $244 support level will be broken down side, and Monero will decrease towards $216 and $189 levels. Inability to break down the $244 level, the price may increase towards the $281, $300 and $511 resistance levels.

Key Levels:

Resistance Levels: $281, $300, $511

Support Levels: $244, $216, $189

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. The bulls and the bears were in struggling mode with each other for more than two weeks. The bullish momentum has pushed up the price to test the resistance level of $300 for more than two times but the level holds and the price could not break up the level.  The bearish pressure equally tested the support level of $244 severally until November 16, a bearish engulfing candle emerges, which is a bearish chart pattern. The price obeyed the command and follow the direction of the bears. The support level of $216 is tested.

XMRUSD Daily chart, November 28

Monero price breaks down the support levels of $244 and decline towards the support level of $216.  It is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement.   Should the bears continue to increase their momentum, $244 support level will be broken down side, and Monero will decrease towards $216 and $189 levels. Inability to break down the $244 level, the price may increase towards the $281, $300 and $511 resistance levels. However, the relative strength index period 14 is at 40 levels with the signal line pointing up to indicate buy signal which may be a pullback.

XMRUSD Price Medium-term Trend: Bearish

Monero is on the bearish movement on 4-Hour chart. The buyers’ pressure failed when it tested the resistance level of $300. A bearish engulfing candle formed and the price decline towards the support level of $216 after it penetrates the $244 level.

XMRUSD 4-hour chart, November 28

The price is trading below the two EMAs with the 9-day EMA below the 21-day EMA which indicate a bearish movement. The relative strength index is at $40 levels pointing up to indicate buy signal which may be a pullback.

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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.