Monero (XMR) Price Continues Ranging Movement Within $152 and $134 Levels

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 Weak bearish and bullish momentum in Monero market

Monero (XMR) Price Analysis: October 16

When the buyer increase their momentum, the resistance level of $152 may be broken upside, which may extend bullish trend to the high of $165 and $185 levels. In case there is an increase in the bears’ pressure, $144 support level may be broken downside, Monero price may decrease to $134 and $124 levels.

Key Levels:

Resistance Levels: $144, $152, $165

Support Levels: $134, $124, $115

XMRUSD Long-term Trend: Ranging

Monero is ranging on the daily chart. The support level of $134 was tested on September 21. The price pulled back to retest the resistance level of $152. Buyers’ effort to penetrate the just mentioned level proved futile. The sellers’ pressure opposed the bullish movement. The price started trading within the resistance level of $144 and support level of $134. Ranging movement may continue until there is a breakout to the north or south.

Monero price is trading over and around the 9 periods EMA and 21 periods EMA as a sign of ranging movement in the Monero market. In case there is an increase in the bears’ pressure, $134 support level may be broken downside, Monero price may decrease to $124 and $115 levels. In case the buyers increase their momentum, the resistance level of $152 may be broken upside, which may extend bullish trend to the high of $165 level. However, the relative strength index period 14 is at 45 levels with the signal line displaying bullish direction.

XMRUSD Price Medium-term Trend: Ranging

Monero is on the ranging movement on 4-Hour chart. The resistance level of $152 holds the price. Bulls were unable to break up the just mentioned level.  The barrier at the support level of $134 remains strong and the sellers’ pressure remains low. This scenario make the price continue trading within $152 and $134 level.

The price is hovering over the two EMAs with the 9-day EMA interlocked to 21-day EMA which indicate that ranging movement is in progress. The relative strength index is at 48 levels pointing up to indicate buy signal.

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