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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 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.
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.
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