Monero (XMR) Price: Bearish Movement May Continue

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Sellers are dominating the Monero market

Monero (XMR) Price Analysis: 13 November

In case the sellers can maintain or increase their momentum, the Monero can decline further to the previous low at the $108 support level. Should buyers gain more pressure to oppose the bears at $124, the price may increase to the $134 level, above it is $144 and $152 levels.

Key Levels:

Resistance Levels: $134, $144, $152

Support Levels: $124, $115, $108

XMRUSD Long-term Trend: Bearish

On the daily chart, Monero is in bearish mode. The sellers eventually prevailed over buyers after long time ranging mode. The crypto was ranging within the support level of $134 and $152 price levels for more than three weeks. The sellers gathered enough momentum to break down the support level of $134. The price declines below $124 level and $115 support level are tested on 09 November. The price is currently pulling back.

Monero price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement in the Monero market. In case the sellers can maintain or increase their momentum, the price can decline further to the previous low at the $108 support level. Should buyers gain more pressure to oppose the bears at $124, the price may increase to the $134 level, above it is $144 and $152 levels. The relative strength index period 14 is at 37 levels with the signal line displaying a bearish signal.

XMRUSD Price Medium-term Trend: Bearish

Monero is on the bearish movement on the 4-Hour chart. The bulls’ momentum could not break up the resistance level of $165. Bears’ momentum increased and were able to break out of the ranging movement that took place for more than two weeks. The price has already tested the $115 support level. It is currently pulling back toward $128 level. It is possible for the price to continue the bearish movement.

Monero is trading below the two EMAs with the 9-day EMA clung to 21-day EMA which indicates low bullish and bearish momentum; consolidation is in progress. The relative strength index is at 42 levels displaying a 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.