Monero (XMR) Price: Bounces Up at $142 Resistance Level

Updated:

Monero (XMR) Price Analysis: September 04

In case the bulls increase their momentum, the resistance level of $169 may be penetrated upside, which may extend bullish trend to the high of $185 and $203. When there is a breakdown at $142 support level, Monero price will decrease towards $124 and $108 levels.

Key Levels:

Resistance Levels: $169, $185, $203

Support Levels: $142, $124, $108

XMRUSD Long-term Trend: Bullish

Monero is bullish on the daily chart. Last week, the bears were struggling to break down the $147 support level. Bulls rejected further price decrease at the just mentioned level.  The candle pattern formed called double bottom pattern at $142 level. At the moment, Bullish momentum pushes XMR towards the $169 level.

Monero price is trading above the 9 periods EMA and 21 periods EMA at close contact as a sign of high bullish momentum.   In case the bulls increase their momentum, the resistance level of $169 may be penetrated upside, which may extend bullish trend to the high of $185 and $203. When there is a breakdown at $142 support level, Monero price will decrease towards $124 and $108 levels. However, the relative strength index period 14 is at 51 level with the signal line displaying bullish direction.

XMRUSD Price Medium-term Trend: Bearish

Monero is on the bullish movement on 4-Hour chart. The price action has formed a double bottom chart pattern at $142 level. Bears’ pressure could not break down the $142 support level. The sellers’ pressure is not strong enough to break down the $142 support levels. The bullis movement may continue this week to previous high.

The price is trading above the two EMAs with the 9-day EMA crossed the 21-day EMA upside which indicate that bullish movement is in progress. The relative strength index is at 59 levels pointing up to indicate buy signal.

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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.