Monero (XMR) Price Bounces Upside at $115 Support Level, Targeting $165

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 Bulls may dominate the Monero market

Monero (XMR) Price Analysis: 04 December

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

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 support level of $115 rejected the bearish momentum and the price could not decrease below the support level of $134. A strong bullish daily candle emerges and the price increased. The resistance levels of $124 and $134 were broken upside and the resistance level of $152 was tested. The sellers opposed the bullish movement, it returned to the $134 level.

Monero price is trading above the 9-periods EMA and 21-periods EMA as a sign of bullish momentum.   When the bears defend the resistance level of $144, there may be a price decrease toward the support level of $134, and $124. In case the resistance level of $144 does not hold, the price may increase toward the resistance levels of $152, and $165. Meanwhile, the relative strength index period 14 is at 57 levels with the signal line displaying a bearish direction.

XMRUSD Price Medium-term Trend: Bullish

Monero is on the bullish movement on the daily chart. When the crypto bottomed at the support level of $115, the price was rejected at the mentioned level of $115. The price gradually increases toward the resistance level of $144. The resistance level of $134 is a broken upside. The price may continue increasing next week.

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 51 levels pointing down to indicate a sell 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.