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

Azeez Mustapha
8 August 2021 | Updated: 9 August 2021

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.

XMRUSD Daily chart, August 08

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.

XMRUSD 4 hour chart, August 08

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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Azeez Mustapha

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.