Monero (XMR) Price: Further Increase in Bears’ Momentum May Decrease Price to $161 Level

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Monero (XMR) Price Analysis: December 05

In case the bears increase their momentum, the support level of $189 may be penetrated downside, which may decrease the price to low of $161 and $136. When there is a breakup at $216 resistance level, Monero price will increase towards $244and $2811 levels.

Resistance Levels: $216, $244, $281

Support Levels: $189, $161, $136

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 $244. The bears rejected further price increase at the just mentioned level.  The bearish momentum pushes XMR towards the $189 last week but the bulls interrupts the downward movement. The price retraced back towards the resistance level of $216. The ranging movement continues within $216 and $189 levels.

XMRUSD Daily chart, December 05

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 $189 may be penetrated downside, which may decrease the price to low of $161 and $136. When there is a breakup at $216 resistance level, Monero price will increase towards $244and $2811 levels. However, the relative strength index period 14 is at 30 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 $281 resistance level. The sellers’ pressure broke down the $216 support level. Ranging movement discontinues as it was predicted last week.

Monero 4-hour chart, December 05

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 30 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.