Monero (XMR) Price: Bullish Movement May Commence at $244 Level

3 October 2021 | Updated: 3 October 2021

Monero (XMR) Price Analysis: October 03

In case the bulls exert more pressure, the coin may be pushed above $281 level, to expose the price to the resistance levels of $322 and $361. Below the current price are barriers at the support level of $244, which may decrease to $216 and $189 levels.

Key Levels:

Resistance Levels: $281, $322, $361

Support Levels: $244, $216, $189

XMRUSD Long-term Trend: Bullish

On the daily chart, XMRUSD is on the bullish movement. The silver price has completed the formation of the double top chart pattern started on September 06 which led to the downtrend of the crypto.  The Crypto found support at $216 level. The bulls’ pressure could not break down the mentioned level. Price reverses and penetrates $244 level upside, increasing towards the resistance level of $281.

XMRUSD Daily chart, October 03

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 $281 level, to expose the price to the resistance levels of $322 and $361. Below the current price are barriers at the support level of $244, which may decrease to $216 and $189 levels.

XMRUSD Price Medium-term Trend: Bullish

Monero is bullish on 4-Hour chart. The coin was on the bearish movement last week on the 4-hour chart. the sellers successfully pushed down the price to the support level of $216. The bulls made an attempt to push up the price above the resistance level of $244 but the bears defended the just mentioned level. Then, price started a ranging movement within the $244 and $216 levels.  On October 01, the price broke up the $244 level and the price is currently exposes to $281 level.

XMRUSD 4-hour chart, October 03

Monero is trading above the two EMAs, which indicate that bulls’ momentum is increasing. The relative strength is at 60 levels with the signal line pointing up to indicate buy signal

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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.