Monero (XMR) Price Breaks Out at $244 Level, Targeting $281

Monero (XMR) Price Breaks Out at $244 Level, Targeting $281

Monero (XMR) Price Analysis: April 04

Should the bulls continue to increase their momentum, $281 resistance level will be penetrated, and Monero will increase towards $322 and $361 levels. Failure to break up the $281 level may send the price towards the $244, $217 and $184 levels.

Key Levels:

Resistance Levels: $281, $322, $361

Support Levels: $244, $217, $184

XMRUSD Long-term Trend: Bullish

XMRUSD is bullish on the daily chart. The price was ranging between the support level at $217 and the resistance level of $244 last week. The bulls eventually prevailed by pushed up the price to break the  $244 resistance level. The Monero coin is moving towards the resistance level at $281 at the time of writing this report.

XMRUSD Daily chart, April 04

The 9-day EMA is well separated from the 21-day EMA on the daily chart with the price trading above the two EMAs. Should the bulls continue to increase their momentum, $281 resistance level will be penetrated, and Monero will increase towards $322 and $361 levels. Failure to break up the $281 level may send the price towards the $244, $217 and $184 levels. Meanwhile, the relative strength index period 14 is at 70 levels with the signal line pointing up to indicate buy signal.

XMRUSD Price Medium-term Trend: Bullish

On 4-Hour chart, Monero is on the bullish movement. The bulls gained more pressure and pushed the price out of the consolidation mode it was last week. Strong bullish candle formed which engulfs the previous candles. The price increases and it was targeting the resistance level at $281 before at the moment.

XMRUSD 4-hour chart, April 04

The price is trading above the two EMAs with the 9-day EMA above the 21-day EMA and the two separates from each other which indicate an increase in the bulls’ momentum and buy signal.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.