Monero (XMR) Price: $218 Support Level Holds, Bullish Trend May Continue

Updated:

Monero (XMR) Price Analysis: April 10

When the bulls break up the resistance level of $213, there may be an increase towards the resistance level of $244 and $281. In case the bears increase their momentum, the support level of $180 may be penetrated downside, which may decrease the price to low of $161 and $136

Key Levels:

Resistance Levels: $250, $293, $324

Support Levels: $218, $185, $142

XMRUSD Long-term Trend: Bullish

Monero is bullish on the daily chart. The crypto was bearish few weeks ago and the bears’ pressure increased. The support level of $142 was tested but the bears’ momentum failed after the formation of double bottom chart pattern and the price reverses. The price is increasing at the moment trying to break up the resistance level of $250. Further price increase envisaged.

Daily 16

Monero price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish momentum.   When the bulls break up the resistance level of $250, there may be an increase towards the resistance level of $293 and $324. In case the bears increase their momentum, the support level of $218 may be penetrated downside, which may decrease the price to low of $185 and $142. However, the relative strength index period 14 is at 66 levels with the signal line displaying bullish direction.

XMRUSD Price Medium-term Trend: Bullish

Monero is on the bullish movement on 4-Hour chart. The price was consolidating at the support level of $218 last week. The bears’ pressure could not break down the $218 support level. Likewise, the bulls’ momentum was low to push up the price. On April 09, the bulls gained more pressure and pushes the price towards the resistance level of $250. The price is trying to break up the level.

4hours 16

The price is trading above the two EMAs with the 9-day EMA above the 21-day EMA which indicate a bullish market. The relative strength index is at 63 levels pointing up to indicate buy signal.

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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.