Monero (XMR) Price Tests $167 Resistance Level, Price Decrease Envisaged

Updated:

Monero (XMR) Price Analysis: August 07

Should the bulls exert more pressure, the resistance level of $185 will be tested, the price may increase to $203 and $204 resistance levels. In case the bears defend $185 price level, it may decline towards the support level of $167, $142 and $124.

Key Levels:

Resistance Levels: $185, $203, $204

Support Levels: $167, $142, $124

XMRUSD Long-term Trend: Bullish

Monero is bullish on the daily chart. The price bounced up and steadily increasing with pressure from the bulls after the formation of double bottom chart pattern at the support level of $108. The former resistance level of $124 and $167 is broken upside. Before the end of last week market, it increased above the $167 level. There is tendency for the continuation of price increase next week.

Monero price is trading slightly above the 9 periods EMA and 21 periods EMA as a sign of bullish market. Should the bulls exert more pressure, the resistance level of $185 will be tested, the price may increase to $203 and $204 resistance levels. In case the bears defend $185 price level, it may decline towards the support level of $167, $142 and $124.  The relative strength index period 14 is at 66 levels with the signal line pointing up displaying a bullish direction.

XMRUSD Price Medium-term Trend: Bullish

Monero is on the bullish movement on 4-hour chart.  On July 14, the resistance level of $124 was broken upside with the momentum of the bulls. The price was range-bound within the resistance level of $124 and support level of $108 before the breakout. More bullish candles were produced and the price gradually broken up $142 and $167 levels.

The price is trading above the 9-day EMA and the 21-day EMA which indicate a bullish movement. The relative strength index periods 14 is at 61 levels pointing down to indicate sell signal 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.