Monero (XMR) Price Awaiting a Breakout at $244 or $217 Level

Monero (XMR) Price Awaiting a Breakout at $244 or $217 Level

Monero (XMR) Price Analysis: March 28

Should the bulls gain more pressure and are able to break up the resistance level of $244, then, $281 and $322 resistance level may be tested. On the other hand, more pressure from the bears may break down the $217 level and the price may decrease to $184 and $161 level.

Key Levels:

Resistance Levels: $244, $281, $322

Support Levels: $217, $184, $161

XMRUSD Long-term Trend: Ranging

XMRUSD is ranging on the daily chart. The ranging movement that started in the Monero market on February 24 continues.  The resistance level of $244 remains defended by the bears and the bulls are yet to get enough pressure to break up. In the same vein, the support level at $217 holds and the bears have not gain enough momentum to break it down. This is what make the ranging market to continue in the Monero market. The XMR market is awaiting breakout at $244 or $217 price level.

XMRUSD daily chart, March 29

The 9-day EMA is interlocked with the 21-day EMA on the daily chart with the price trading over and around the two EMAs. Should the bulls gain more pressure and are able to break up the resistance level of $244, then, $281 and $322 resistance level may be tested. On the other hand, more pressure from the bears may break down the $217 level and the price may decrease to $184 and $161 level.

XMRUSD Price Medium-term Trend: Ranging

On 4-Hour chart, Monero is on the ranging mode. The bulls could not push up the price as the resistance level of $244 holds the price. The support level of $217 holds the price at the same time and further price decrease is prevented. These scenario led to the continuation of ranging movement in the Monero market. Monero market is expecting radical fundamental events for the breakout.

XMRUSD 4-hour chart, March 29

The price is hovering over the two EMAs with the 9-day EMA interlocked with the 21-day EMA which indicate ranging market.

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Author : Azeez Mustapha

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