Monero (XMR) Price: Bullish Movement May Continue

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 Buyers are gaining more momentum in the Monero market

Monero (XMR) Price Analysis: 18 December

In case the buyers break up the resistance level of $152, there may be a price increase toward the resistance level of $165 and $185. Should the resistance level of $152 is defended by the bears, Monero may decrease toward the support levels of $144, $134, and $124 levels.

Key Levels:

Resistance Levels: $152, $165, $185

Support Levels: $144, $134, $124

XMRUSD Long-term Trend: Bullish

Monero is bullish on the daily chart. On 09 November, a strong bearish momentum pushed the coin to the low of $115. The bulls defended the support level of $115 and the price bounced up to break $124, $134, and $144 resistance levels. The resistance level of $152 was tested on 13 December. The price is pulling back at the moment as a phenomenon in a trending market. The bulls may return to the Monero market this new week.

Monero price is trying to cross the dynamic resistance level upside and it may start trading above the 9-periods EMA and 21-periods EMA. In case the buyers break up the resistance level of $152, there may be a price increase toward the resistance level of $165 and $185. Should the resistance level of $152 be defended, the price may decrease toward the support levels of $144, $134, and $124. Meanwhile, the relative strength index period 14 is at 51 levels with the signal line displaying a bullish direction.

XMRUSD Price Medium-term Trend: Bullish

Monero is on the bullish movement on a daily chart. The bearish momentum could not continue when it reached the support level of $115. The bulls gained more momentum and the price soared towards the north. The resistance level of $144 is a broken upside.  The resistance level of $152 was tested on 13 December. The price pulled back aiming at the $144 support level. After the pullback, bullish movement may continue.

The price is trading slightly above the 9-day EMA and the 21-day EMA which indicates bullish momentum in the Monero market. The relative strength index is at 49 levels pointing up to indicate a 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.