Monero (XMR) Price: Can It Increase Above $185 Resistance Level?

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Monero market experiences bullish upsurge

Monero (XMR) Price Analysis: 15 January

In case buyers successfully push prices above the $185 level, Monero may rise toward the $203 and $218 barrier levels. If the $185 resistance level persists, the price might drop toward the support levels of $165, $152, and $144. The Relative Strength Index period 14 signal line is pointing up at 81 indicating buy signal.

Key Levels:

Resistance Levels: $185, $203, $218

Support Levels: $165, $152, $144

XMRUSD Long-term Trend: Bullish

Monero is moving upward on the daily chart. The coin tested the low of $115 on November 9. The purchasers defended the mentioned level with the formation of a strong bullish engulfing candle pattern. The price bounced up and broke up the $144, $152, and $165 resistance levels. On 11 January, the $165 resistance level was penetrated, and it retreated. Last week, more pressure from the buyers pushed the price to the $185 resistance level.

Purchasers may continue to dominate the Monero market in the upcoming week. The coin is trading above the 9-period EMA and 21-period EMA as the dynamic resistance level is being broken upside by Monero’s price. In case of buyers successfully push prices above $185, prices may rise toward the $203 and $218 barrier levels. If the $185 resistance level persists, the price might drop toward the support levels of $165, $152, and $144. The Relative Strength Index period 14 signal line is pointing up at 81 indicating a buy signal.

XMRUSD Price Medium-term Trend: Bullish

On the 4-hour chart, Monero is bullish. The negative trend was halted when the price reached the support level of $115 on November 14. The price increased further when the bulls gain more momentum. The $165 resistance level has been broken and the price tested the $185 level, it is currently pulling back.

The price is pulling back, testing the dynamic support level. The price is currently trading slightly above both the 9-day and 21-day exponential moving averages, indicating bullish momentum in the Monero market. The Relative Strength Index is bending up at 64 level, indicating 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.