Monero (XMR) Price Reverses at $511 Price Level

Monero (XMR) Price Reverses at $511 Price Level

Monero (XMR) Price Analysis: May 16

Should the bears continue to increase their momentum, $361 support level will be broken down side, and Monero will decrease towards $322 and $281 levels. Inability to break down the $361 level, the price may increase towards the $401, $449 and $511 resistance levels.

Key Levels:

Resistance Levels: $401, $449, $511

Support Levels: $361, $322, $281

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. The bulls were in control of the Monero market for over two weeks ago. The bullish momentum has pushed up the price to the resistance level of $511 on May 10. A bearish engulfing candle emerges, which is a bearish chart pattern. The price obeyed the command and follow the direction of the bears.

Monero daily chart, May 16

Monero price breaks down the support levels of $449 and $401 declining towards the support level of $361.  It is trading below the 9 periods EMA and 21 periods EMA at a distance as a sign of bearish movement.   Should the bears continue to increase their momentum, $361 support level will be broken down side, and Monero will decrease towards $322 and $281 levels. Inability to break down the $361 level, the price may increase towards the $401, $449 and $511 resistance levels. However, the relative strength index period 14 is at 40 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 failed when it tested the resistance level of $449. A bearish engulfing candle formed and the price decline towards the support level of $361 after it penetrates the $401 level.

Monero 4-hour chart, May 16

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 down to indicate sell signal.

You can purchase crypto coins here: Buy coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

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