Monero (XMR) Price: Bullish Momentum Is Increasing Towards $281 Level  

Updated:

Monero (XMR) Price Analysis: November 07

In case the daily candle close above the resistance level of $281, bulls may push the coin to test the resistance level of $322 and $361. On the other hand, the breakdown of the $244 support level will decrease the price towards $216 and $189 levels.

Key Levels:

Resistance Levels: $281, $322, $361

Support Levels: $244, $216, $189

XMRUSD Long-term Trend: Ranging

XMRUSD is on the ranging movement in the daily chart. The price is dangling within the resistance level of $281 and support level of $244. The bulls’ effort to break up the resistance level of $281 has not been successful. Bears were equally pressing hard on the support level at $244, the bulls are defending the level. Monero price continue a ranging movement within $281 resistance level and $244 support level. The currency pair is awaiting a breakout.

XMRUSD Daily chart, November 07

The two EMAs are interlocked and Monero is trading over and around the 9-day EMA and the 21-day EMA on the daily chart. In case the daily candle close above the resistance level of $281, bulls may push the coin to test the resistance level of $322 and $361. On the other hand, the breakdown of the $244 support level will decrease the price towards $216 and $189 levels.

XMRUSD Price Medium-term Trend: Ranging

Monero is ranging on 4-Hour chart. The price has tested the support level of $244 three times. The just mentioned level still hold the price. The bulls opposed further decrease in price and a big bullish candle emerges that pushed the price to the resistance level of $281. The price is currently facing the resistance level of $281. An increase in the bulls’ momentum can push the price to $322 price level.

XMRUSD 4-hour chart, November 07

Monero is trading above the two EMAs, which indicate an increase in bullish momentum. The relative strength index is above 50 levels with the signal line displaying bullish direction.

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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.