Monero (XMR) Price Analysis: October 10
A further increase in pressure of the bulls may successfully push the coin above $281 level, to expose the price to the $322 and $361 resistance levels. Below the current price, barriers are found at the support level of $244, which may decrease to $216 and $189levels.
Key Levels:
Resistance Levels: $281, $322, $361
Support Levels: $244, $216, $189
XMRUSD Long-term Trend: Bullish
On the daily chart, XMRUSD is on the bullish movement. The Crypto played the way it was predicted last week. A double top chart pattern that formed on September 06 led to the downtrend of the crypto and it found support at $218. A bullish engulfing candle emerged, which is a bullish reversal signal candle. Monero price increased, broke up $244 level and tests $278 level before weekly market closed.
Monero is trading above the 9-day EMA and the 21-day EMA on the daily chart. A further increase in pressure of the bulls may successfully push the coin above $281 level, to expose the price to the $322 and $361 resistance levels. Below the current price, barriers are found at the support level of $244, which may decrease to $216 and $189 levels.
XMRUSD Price Medium-term Trend: Bullish
Monero is bullish on 4-Hour chart. The bears lose momentum at the support level of $216 on September 22, the price consolidates for few days before the bulls gain enough momentum to break up the resistance level of $244. It rallied to the resistance level of $281 where it had a partial breakout before pulling back. Monero is currently trading at $281 level with low volatility.
Monero is trading around the two EMAs, which indicate that bears’ and bulls’ momentum is decreasing. The relative strength index is at 50 levels with the signal line displaying no specific direction.
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