Monero (XMR) Price Is Testing a Potential Bullish Reversal Level

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Monero (XMR) Price Analysis: January 30

Should the support level of $136 holds, the price will increase towards the resistance levels of $161, $179 and $220. When the bears increase their pressure, there may be a decrease towards the support level of $131, $111 and $97

Key Levels:

Resistance Levels: $161, $179, $220

Support Levels: $136, $111, $97

XMRUSD Long-term Trend: Ranging

Monero is bearish on the daily chart. The bullish movement could not break up the resistance level of $220 after the price retracement. A Bearish engulfing candle formed at $220 level which interrupted the bulls’ momentum. This scenario triggered sellers’ pressure and the price broke down the support levels of $179 and $161. The support level of $136 is tested on January, since then the price is ranging around the support level of $136.

XMRUSD Daily chart, January 30

Monero price is trading above the 9 periods EMA but below the 21 periods EMA as an indication that bulls are getting ready to take over the Monero market. Should the support level of $136 holds, the price will increase towards the resistance levels of $161, $179 and $220. When the bears increase their pressure, there may be a decrease towards the support level of $131, $111 and $97. However, the relative strength index period 14 is at 40 levels with the signal line displaying bullish direction.

XMRUSD Price Medium-term Trend: Ranging

Monero is on the ranging movement on daily chart. The price is ranging within the $161 and $136 price levels at the moment. The bulls were unable to break up the resistance level of $220 after the formation of double bottom chart pattern. The price declined and tested the support level of $136. Bulls’ and bears’ momentum became weak and ranging movement commenced.

Monero 4-hour chart, January 30

The price is trading around the 9-day EMA and the 21-day EMA which indicate a ranging movement. The relative strength index is above 50 levels pointing up to indicate buy signal which may be the beginning of bullish trend.

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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.