Monero (XMR) Price Approaches a Previous Low at $179, Bullish Movement Envisaged

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


Monero (XMR) Price Analysis: January 09

In case the bulls oppose the bearish movement at $179, price may reverse and face the resistance level of $220, which may increase the price to high of $249 and $281. When the bears break down the support level of $179, there may be a decrease towards the support level of $161 and $136.

Key Levels:

Resistance Levels: $220, $249, $281

Support Levels: $179, $161, $136

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. The bullish trend commenced by the bull on December 20 at $179 support level place the price at $249 level. The bulls’ pressure failed and could not break up the resistance level. An inside bar candle pattern formed and the price decline to test the previous low after broke down the $220 level. The price is testing $179 level at the moment and the bulls dominate the market today which may increase the price.

XMRUSD daily chart, January 09

Monero price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish momentum.   In case the bulls oppose the bearish movement at $179, price may reverse and face the resistance level of $220, which may increase the price to high of $249 and $281. When the bears break down the support level of $179, there may be a decrease towards the support level of $161 and $136. However, the relative strength index period 14 is at 40 levels with the signal line displaying bullish direction.

XMRUSD Price Medium-term Trend: Bearish

Monero is on the bearish movement on 4-Hour chart. The price action on the 4-hour chart is trying to form a double bottom chart pattern. The price tested the support level at $179 on December 15. The mentioned level holds and the price bounced up and test the resistance level of $249. The bears opposed the price increase and push down the price towards the previous low at $179. It seems the bulls are getting ready to take over the market.

XMRUSD 4-hour chart, January 09

The price is trading between the 9-day EMA and the 21-day EMA which may indicate a bullish reversal at $179 level. The relative strength index is at 40 levels pointing up to indicate buy signal.

You can purchase crypto coins here.  Buy Tokens

  • 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
  • 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
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$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
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.