Monero (XMR) Price Bounces Upside at $115 Support level

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 Bulls may dominate the Monero market

Monero (XMR) Price Analysis: 27 November

In case the resistance level of $144 does not hold, Monero may increase toward the resistance levels of $152, and $165.When the bears defend the resistance level of $144, there may be a price decrease toward the support level of $134, and $124.

Key Levels:

Resistance Levels: $144, $152, $165

Support Levels: $134, $124, $115

XMRUSD Long-term Trend: Bullish

Monero is bullish on the daily chart. The bearish movement that commenced on 13 September at the resistance level of $165 made the coin bottom at the $115 support level. The bearish pressure failed and the coin bounces upside. The former resistance level of $134 is broken upside and the price is exposed to $144 resistance level.

Monero price is trading above the 9-periods EMA and 21-periods EMA as a sign of bullish momentum.   In case the resistance level of $144 does not hold, the price may increase toward the resistance levels of $152, and $165. When the bears defend the resistance level of $144, there may be a price decrease toward the support level of $134, and $124. Meanwhile, the relative strength index period 14 is at 51 levels with the signal line displaying a bullish direction.

XMRUSD Price Medium-term Trend: Bearish

Monero is on the bullish movement on the daily chart. The crypto bottomed at the support level of $115 after the price rejection at the resistance level of $165. The price could not break down the support level of $115. It started increasing by penetrating the $134 level upside.

The price is trading slightly above the 9-day EMA and the 21-day EMA which indicates bullish momentum in the Monero market. The relative strength index is at 55 levels pointing up to indicate a 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.