Monero (XMR) Price Breaks Out at $152 Level

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Bullish movement may continue in Monero market

Monero (XMR) Price Analysis: November 06

When there is a breakup of $165 resistance level, it may further increase to $185 and $203 resistance levels. Should sellers gain more pressure, $152 support level may be penetrated downside, Monero price may reduce to $144 and $134 support levels.

Key Levels:

Resistance Levels: $165, $185, $203

Support Levels: $152, $144, $134

XMRUSD Long-term Trend: Bullish

On the daily chart, Monero is on the bullish mode. The crypto was ranging within the support level of $134 and $152 price levels for more than three weeks. The support level of $134 was difficult for the sellers to penetrate. The bulls gained more pressure to break up the resistance level of $152 on 04 Novemeber. The price may continue increasing towards the resistance level of $165.

Monero price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish movement in the Monero market. When there is a breakup of $165 resistance level, it may further increase to $185 and $203 resistance levels. Should sellers gain more pressure, $152 support level may be penetrated downside, Monero price may reduce to $144 and $134 support levels. The relative strength index period 14 is at 65 levels with the signal line displaying bullish signal.

XMRUSD Price Medium-term Trend: Bullish

Monero is on the bullish movement on 4-Hour chart. The bulls’ momentum increases and were able to break out of the ranging movement that took place two weeks ago within $134 and $152 levels. The price is currently exposed to $165 level. It is possible for the price to break up $165 level.

Monero is trading above the two EMAs with the 9-day EMA above the 21-day EMA which indicate that bullish movement is in progress. The relative strength index is at 56 levels displaying bearish direction which may be a pullback. .

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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.