Monero (XMR) Price: Double Bottom Chart Pattern at $189 Level, Bulls May Take Over

27 June 2021 | Updated: 27 June 2021

Monero (XMR) Price Analysis: June 20

When the bears increase their momentum, the support level of $189 may be broken downside, which may decrease the price to low of $161 and $136. In case the support level of $189 holds, price may reverse towards the resistance level of $244, $281 and $322 levels.

Resistance Levels: $244, $281, $322

Support Levels: $189, $161, $136

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. The bears refuses to surrender to the bulls. Sellers exerted more pressure and the former support level of $244 was penetrated and the price reaches the support level of $189. This is the second time the Monero price is testing the just mentioned support level. Throughout last week, the price was ranging around the $189 support level. The price action has formed a double bottom chart pattern. Price reversal envisaged.

Monero daily chart, June 27

Monero price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement.   When the bears increase their momentum, the support level of $189 may be broken downside, which may decrease the price to low of $161 and $136. In case the support level of $189 holds, price may reverse towards the resistance level of $244, $281 and $322 levels.

XMRUSD Price Medium-term Trend: Bearish

Monero is on the bearish movement on 4-Hour chart. The sellers’ pressure break down the $244 support level. The price decline to the support level of $189. It seems the sellers’ pressure is getting weak and price may bounce towards the north side

Monero 4 hour chart, June 27

The price is hovering over and around the two EMAs with the 9-day EMA close to the 21-day EMA which indicate that sellers are still holding unto the silver market. The relative strength index is at 40 levels displaying no specific price direction.

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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.