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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