Monero (XMR) Price: Bearish Momentum Is Increasing Towards $185 Level

Updated:

Monero (XMR) Price Analysis: June 05

In case the daily candle close above the resistance level of $203, bulls may push the coin to test the resistance level of $218 and $250. On the other hand, the breakdown of the $185 support level will decrease the price towards $167 and $147 levels.

Key Levels:

Resistance Levels: $203, $218, $250

Support Levels: $185, $167, $142

XMRUSD Long-term Trend: Ranging

XMRUSD is on the ranging movement in the daily chart. The price is dangling within the resistance level of $203 and support level of $185. The bulls’ effort to break up the resistance level of $203 has not been successful. Bears were equally pressing hard on the support level at $185, the bulls are defending the level. Monero price continue a ranging movement within $203 resistance level and $185 support level. The currency pair is awaiting a breakout.

The two EMAs are interlocked and Monero is trading between the 9-day EMA and the 21-day EMA on the daily chart. In case the daily candle close above the resistance level of $203, bulls may push the coin to test the resistance level of $218 and $250. On the other hand, the breakdown of the $185 support level will decrease the price towards $167 and $147 levels.

XMRUSD Price Medium-term Trend: Ranging

Monero is ranging on 4-Hour chart. The price has tested the resistance level of $203 three times. The just mentioned level still hold the price. The bears opposed further increase in price and a bearish candle emerges that pushed the price to the support level of $185. The price is currently facing the support level of $185. An increase in the bears’ momentum can push the price to break down $185 price level.

Monero is trading below the two EMAs, which indicate a decrease in bullish momentum. The relative strength index is at 41 levels with the signal line displaying bearish direction.

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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.