Monero (XMR) Price: Bears Defend $185 Level, Bearish Movement May Continue

Azeez Mustapha


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Bears’ Pressure increases in Monero market

Monero (XMR) Price Analysis: 13 February

In case sellers are successful in lowering the price below $152, Monero may drop to the $144 and $134 range. If the $152 support level holds, the price might increase to the resistance levels of $185, $203 and $218.

Key Levels:

Resistance Levels: $185, $203, $218

Support Levels: $152, $144, $134

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. The coin dropped to a low of $115 on November 9 before recovering. The purchasers were able to effectively defend the suggested level. The price increased past the prior resistance levels of $144, $152, and $165. On January 29, the $185 resistance level was attained, but it was unable to breach the mentioned level. The bearish engulfing candle formed indicates an increase in the sellers’ momentum. The price declined and tested $152 support level. It is currently pulling back before the bearish movement continues.

This week, Sellers might control the Monero market. The 9-period and 21-period EMAs are above the price of Monero. In case sellers are successful in lowering the price below $152, it may drop to the $144 and $134 range. If the $152 support level holds, the price might increase to the resistance levels of $185, $203 and $218. Relative Strength Index period 14 signal line is heading upward at level 45, signaling a buy which may be a pullback.

 XMRUSD Price Medium-term Trend: Bearish

Monero is bearish on the 4-hour chart. On January 14, the $185 resistance level was challenged, and the sellers resisted the movement. It retreated and tried to hold at the $152 level of support. The price rose to retest the prior high of $185 as buyers gained greater traction. The sellers gain momentum as the bulls lose steam and the price reached $152 support level.

It seems Monero is pulling back as it trades above the dynamic support levels, the price is inclining. In other words, the 9-day and 21-day exponential moving averages are below the price of Monero. At 51, the Relative Strength Index is leaning upward, signaling a buy.

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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.

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