Monero (XMR) Price; Bulls May Prevail Over Bears

Monero (XMR) Price; Bulls May Prevail Over Bears

Monero (XMR) Price Analysis: June 13

Should the bears increase their momentum, the support level of $244 may be broken down, which may drop the price to previous low of $189 and $161. The breakup of $281 resistance level will increase Monero price towards $322 levels and beyond.

Key Levels:

Resistance Levels: $281, $322, $361

Support Levels: $244, $189, $161

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. After the bearish momentum pushes XMR to bottom at support level of $189 on May 19, the bulls have not been able to push the price above the resistance level of $322. The bears rejected further price increase at resistance level of $322.  The price retraced back towards the support level of $244. The price is currently bearish, moving down towards the previous low at $189.

XMR daily chart, June 13

Monero price is trading below the 9 periods EMA and 21 periods EMA at a close contact as a sign of low bearish and bullish momentum.   Should the bears increase their momentum, the support level of $244 may be broken down, which may drop the price to previous low of $189 and $161. The breakup of $281 resistance level will increase Monero price towards $322 levels and beyond. However, the relative strength index period 14 is at 40 levels with the signal line pointing up to indicate a buy signal.

XMRUSD Price Medium-term Trend: Ranging

Monero is on the ranging movement on 4-Hour chart. Ranging movement continues as it was predicted last week. The sellers’ pressure is yet to break down the $244 support level. Likewise, the bulls’ pressure could not break up the $281 resistance level. This is what made ranging movement to continue.

Monero 4 hour chart, June 13

The price is hovering over and around the two EMAs with the 9-day EMA interlocked with the 21-day EMA which indicate that consolidation is in progress. The relative strength index is at 55 levels pointing up to indicate buy signal.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.