Monero – Guide, Tips & Insights | Learn 2 Trade (XMR) Price Analysis: August 08
The breaking up of the resistance level of $281 may result to further price increase towards the resistance levels of $322 and $361. Failure to break up the resistance level of $281 may send the price down to the support levels of $244, $189 and $161.
Key Levels:
Resistance Levels: $281, $322, $361
Support Levels: $244, $189, $161
XMRUSD Long-term Trend: Bullish
On the daily chart, XMRUSD is on the bullish movement. On the daily chart, Monero – Guide, Tips & Insights | Learn 2 Trade price continue to obey the command of the bulls after the formation of a bullish chart pattern called double bottom. Yesterday, the price increase to test the resistance level of $281. Today, the price respect the mentioned level and pulls back to retest the dynamic support levels.
Buyers are exerting more pressure on the Monero – Guide, Tips & Insights | Learn 2 Trade market, the price is trying to break up the resistance level of $281. The price is trading above the 9-day EMA and the 21-day EMA on the daily chart. The breaking up of the resistance level of $281 may result to further price increase towards the resistance levels of $322 and $361. Failure to break up the resistance level of $281 may send the price down to the support levels of $244, $189 and $161.
XMRUSD Price Medium-term Trend: Bullish
Monero – Guide, Tips & Insights | Learn 2 Trade is bullish on 4-Hour chart. The bulls gained more pressure and push up the price. The price eventually breaks up the resistance level at $244. It is increasing gradually towards the resistance level at $281. There is tendency for the price to break up the $281 level provided the bulls increase their pressure.
The 9-day EMA is above the 21-day EMA and the price continue its trading above the two EMAs, which indicate that bulls are in control of Monero – Guide, Tips & Insights | Learn 2 Trade market.
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