Monero (XMR) Price: Bulls Are Gathering Momentum to Push Up price

Updated:

Monero (XMR) Price Analysis: February 27

The resistance level of $185 may be penetrated upside and the resistance levels of $216 and $250 may be the target. Inability to break up the resistance level of $185 may result to further price decrease towards the support level of $142, $122 and $102.

Key Levels:

Resistance Levels: $185, $216, $250

Support Levels: $142, $122, $102

XMRUSD Long-term Trend: Ranging

On the daily chart, XMRUSD is on the ranging movement. Monero remains within the ranging movement zone. The bulls are yet to gain more pressure to penetrate the resistance level of $185. The support level of $142 still holds and the price continue a ranging movement within the $185 and $142 price levels. The support level of $142 has rejected the price two times, it seems the bulls’ momentum may increase as the price action is forming a double bottom chart pattern.

The price is trading slightly above the 9-day EMA but below the 21-day EMA on the daily chart. The buyers are putting more pressure on the coin at the moment, and the price may bounce upwards, the resistance level of $185 may be penetrated upside and the resistance levels of $216 and $250 may be the target. Inability to break up the resistance level of $185 may result to further price decrease towards the support level of $142, $122 and $102.

XMRUSD Price Medium-term Trend: Bullish

Monero is bullish on 4-Hour chart. The price is ranging within the support level of $142 and resistance level of $185 for more than two weeks. It is currently bouncing up, moving towards the resistance level of $185. In case the support level of $142 holds, the price may break up $185 price level.

The 9-day EMA is already above the 21-day EMA and the price is trading above the two EMAs, which indicate that bulls are gathering momentum to push up Monero price.

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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.