Monero (XMR) Price Continues Ranging Movement Within $169 and $142 Levels

Updated:

Monero (XMR) Price Analysis: September 18

In case the bulls increase their momentum, the resistance level of $169 may be broken upside, which may extend bullish trend to the high of $185 and $203. When there is an increase in the bears’ pressure, $142 support level may be broken downside, Monero price may decrease to $124 and $108 levels

Key Levels:

Resistance Levels: $169, $185, $203

Support Levels: $142, $124, $108

XMRUSD Long-term Trend: Ranging

Monero is ranging on the daily chart. The crypto has being on a ranging movement since last month. The bulls have not gain enough pressure to break up the resistance level of $169. In the same way, the bears are yet to gain more pressure to break down the support level of $142. This is what made the coin continue its ranging movement within the resistance level of $169 and $142.

Monero price is trading over and around the 9 periods EMA and 21 periods EMA as a sign of low momentum in the Monero market. In case the bulls increase their momentum, the resistance level of $169 may be broken upside, which may extend bullish trend to the high of $185 and $203. When there is an increase in the bears’ pressure, $142 support level may be broken downside, Monero price may decrease to $124 and $108 levels. However, the relative strength index period 14 is at 45 level with the signal line displaying no specific direction.

XMRUSD Price Medium-term Trend: Ranging

Monero is on the ranging movement on 4-Hour chart. Monero is awaiting a breakout. The ranging movement has been in place since July 21.The price is range-bound within the resistance level of $169 and $142 levels. The ranging movement will continue until there is a breakout at $169 or $142 level.

The price is trading around 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 41 levels pointing down to indicate sell 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.