Monero (XMR) Price: In Case $189 Level Holds, Bullish Reversal May Commence

Updated:

Monero (XMR) Price Analysis: December 19

When the bulls defend the support level of $189, there may be a breakup at $213 resistance level, Monero price will increase towards $244 and $281 levels. 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.

Key Levels:

Resistance Levels: $213, $244, $281

Support Levels: $189, $161, $136

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. The bearish pressure is increasing as more bearish candles are produced on the daily chart. The bears are exerting a pressure at the mentioned level but bulls are equally defending the level and that is what led to consolidation mode. There is tendency for the price to reverse at the mentioned level like what happen last July.

XMRUSD Daily chart, December 19

Monero price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish momentum.   When the bulls defend the support level of $189, there may be a breakup at $213 resistance level, Monero price will increase towards $244 and $281 levels. 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. However, the relative strength index period 14 is at 30 levels with the signal line displaying bullish direction.

XMRUSD Price Medium-term Trend: Ranging

Monero is on the ranging movement on 4-Hour chart. The bears’ pressure could not break down the $189 support level and at the same time, the bulls’ momentum is low to push up the price. The scenario leads to ranging movement experiencing in the Monero market at the moment.

XMRUSD 4 hour chart, December 19

The price is trading around the two EMAs with the 9-day EMA interlocked with the 21-day EMA which indicate a ranging market. The relative strength index is above 40 levels pointing up to indicate buy 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.