Monero (XMR) Price Analysis: May 22
In case the bulls exert more pressure, the coin may be pushed above $185 level, to expose the price to the resistance levels of $218 and $250. Below the current price are barriers at the support level of $142, which may decrease to $124 and $108 levels.
Key Levels:
Resistance Levels: $185, $218, $250
Support Levels: $142, $124, $108
XMRUSD Long-term Trend: Bullish
On the daily chart, XMRUSD is on the bullish movement. The silver price is trying to complete the formation of the short “W” chart pattern. The bearish momentum has pushed the price to test the support level of $108. A long tailed Doji candle formed and the price increases trying to break up the resistance level of $185.
Monero is trading above the 9-day EMA and the 21-day EMA on the daily chart. In case the bulls exert more pressure, the coin may be pushed above $185 level, to expose the price to the resistance levels of $218 and $250. Below the current price are barriers at the support level of $142, which may decrease to $124 and $108 levels.
XMRUSD Price Medium-term Trend: Bullish
Monero is bullish on 4-Hour chart. The coin was on the bearish movement last two weeks on the 4-hour chart. The sellers successfully pushed down the price to the support level of $108. The bulls made an attempt to push up the price above the resistance level of $185 but the bears defended the just mentioned level. Then, price is trying to form a chart pattern called “Short W”. Further price increase envisaged.
Monero is trading above the two EMAs, which indicate that bulls’ momentum is increasing. The relative strength is at 58 levels with the signal line pointing up to indicate buy signal
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