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Monero (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 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 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 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 market.
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