Monero (XMR) Price: Further Increase in Bears’ Momentum May Decrease Price to $185 Level

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Monero (XMR) Price Analysis: May 01

In case the bears increase their momentum, the support level of $185 may be tested and penetrated downside, which may decrease the price to low of $142 and $122. When there is a breakup at $218 resistance level, Monero price will increase towards $250 and $293 levels

Resistance Levels: $218, $250, $293

Support Levels: $185, $142, $122

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 $293. The bears rejected further price increase at the just mentioned level.  The bearish momentum pushes XMR towards the $218 last week. The bears push down the price to penetrate the just mentioned level downside. The price is targeting $185 level.

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 $185 may be tested and penetrated downside, which may decrease the price to low of $142 and $122. When there is a breakup at $218 resistance level, Monero price will increase towards $250 and $293 levels. However, the relative strength index period 14 is at 39 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 $291 resistance level. The sellers’ pressure broke down the $250 and $218 support levels. The bearish movement may continue next 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 38 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.