Monero (XMR) Price Awaits a Breakout

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Monero (XMR) Price Analysis: September 19

In case the bears can push the coin to break down the $244 level, it may decrease to the support levels of $189 and $161. Should the resistance level of $281 is broken upside, then, price may increase to $322 and $361 resistance levels.

Key Levels:

Resistance Levels: $281, $322, $361

Support Levels: $244, $189, $161

XMRUSD Long-term Trend: Bearish

On the daily chart, XMRUSD is on the bearish movement. Monero was under the bearish pressure last week. The support level of $244 was tested and experience partial breakout but the bulls opposed the partial breakout and the price pulled back to retest the resistance level of $281. Throughout last week, the price is ranging within the $281 and $244 levels.

At the moment, the bears are trying to push the price to previous low at $244 level. The support level of $244 may be penetrated as sellers are exerting pressure on the Monero market. The price is trading below the 9-day EMA and the 21-day EMA at close contact on the daily chart. In case the bears can push the coin to break down the $244 level, it may decrease to the support levels of $189 and $161. Should the resistance level of $281 is broken upside, then, price may increase to $322 and $361 resistance levels.

XMRUSD Price Medium-term Trend: Ranging

Monero is on the ranging movement on 4-Hour chart. Monero bounced off the resistance level of $322 on September 07. A strong bearish candles emerges and break down the support level of $281. The support level of $244 tested and penetrated but bears could not sustain the momentum. The Crypto commenced a ranging movement within $281 and $244 price levels.

Monero is trading around the two EMAs, which indicate that bears’ momentum and bulls’ momentum are equal. The relative strength is at 50 levels with the signal line displaying no specific direction.

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