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Monero (XMR) Price Analysis: March 21
In case the bulls were able to break up the resistance level of $244, then, $281 and $322 resistance level may be tested. Otherwise, pressure from the bears may break down the $217 level and the price may decrease to $184 and $161 level.
Key Levels:
Resistance Levels: $244, $281, $322
Support Levels: $217, $184, $161
XMRUSD Long-term Trend: Ranging
On the daily chart, XMRUSD is ranging. The bulls are yet to get enough pressure to break up the resistance level of $244. Likewise, the bears have not gain enough momentum to break down the support level at $217. This is what make the ranging market to continue in the Monero market. The ranging movement will continue until there is a breakout at $244 or $217 price level.
The 9-day EMA remains above the 21-day EMA on the daily chart with the price trading above the two EMAs. The XMRUSD market is experiencing more pressure from the buyers more than sellers. In case the bulls were able to break up the resistance level of $244, then, $281 and $322 resistance level may be tested. Otherwise, pressure from the bears may break down the $217 level and the price may decrease to $184 and $161 level.
XMRUSD Price Medium-term Trend: Ranging
Monero is on the ranging mode on 4-Hour chart. The resistance level of $244 holds the price and this prevents the bulls’ advancement towards the $281 price level. The support level of $217 holds the price at the same time and further price decrease is prevented. These scenario led to the continuation of ranging movement in the Monero market.
The 9-day EMA is interlocked with the 21-day EMA and the price is hovering over the two EMAs, which indicate that consolidation is in progress.
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