Monero (XMR) Price: Further Increase in Bears’ Momentum, May Decrease Price to $124 Level

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Monero (XMR) Price Analysis: June 12

In case the bears increase their momentum, the support level of $142 may be penetrated downside, which may decrease the price to low of $124 and $108. When there is a breakup at $167 resistance level, Monero price will increase towards $185 and $203 levels. However, the relative strength index period 14 is at 36 levels with the signal line displaying bearish direction.

Resistance Levels: $167, $185, $203

Support Levels: $142, $124, $108

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. The bulls were not able to push the price above the resistance level of $203. The bears rejected further price increase at the just mentioned level.  The bearish momentum pushes XMR towards the $167 last week but the bulls could not interrupts the downward movement. The price break down the support level of $167. The bearish movement continues within below $167 levels.

Monero price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish momentum.   In case the bears increase their momentum, the support level of $142 may be penetrated downside, which may decrease the price to low of $124 and $108. When there is a breakup at $167 resistance level, Monero price will increase towards $185 and $203 levels. However, the relative strength index period 14 is at 36 levels with the signal line displaying bearish direction.

XMRUSD Price Medium-term Trend: Bearish

Monero is on the bearish movement on 4-Hour chart. The bulls’ pressure could not break up the $203 resistance level. The sellers’ pressure broke down the $167 support level. Bearish movement continues as it was predicted last week.

The price is trading below the two EMAs with the 9-day EMA below the 21-day EMA which indicate that bearish movement is in progress. The relative strength index is at 35 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.