Monero (XMR) Price Is Breaking Out at $185 Resistance Level

Updated:

Monero (XMR) Price Analysis: March 13

In case the resistance level of $185 holds, ranging movement may continue, below the current price level, support levels may be found at $142, $122 and $102.When the bulls break up the resistance level of $185, there may be an increase towards the resistance level of $216 and $250.

Key Levels:

Resistance Levels: $185, $216, $250

Support Levels: $142, $122, $102

XMRUSD Long-term Trend: Bullish

Monero is bullish on the daily chart. The price action has formed a double bottom chart pattern on the daily chart. Last week, the price was on ranging movement in the XMR market commenced on January 24 when the price reached the support level of $142 and the bearish momentum failed. On March 08, the bullish pressure increased and broke up the resistance level of $185. It pulled back to retest the dynamic support level. Bullish trend may continue next week.

daily 17

Monero price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish market. In case the resistance level of $185 holds, ranging movement may continue, below the current price level, support levels may be found at $142, $122 and $102.When the bulls break up the resistance level of $185, there may be an increase towards the resistance level of $216 and $250. However, the relative strength index period 14 is at 55 levels with the signal line displaying bullish direction.

XMRUSD Price Medium-term Trend: Bullish

Monero is on the bullish movement on 4-hour chart. The price was range-bound within the resistance level of $185 and support level of $142. The momentum of the bulls become strong enough to break up the resistance level of $185. The price retracement was carried out towards dynamic support level. At the moment, the price is increasing gradually.

4hours 11

The price is trading above the 9-day EMA and the 21-day EMA which indicate a bullish movement. The relative strength index periods 14 is at 54 levels pointing down to indicate sell signal which may be a pullback.

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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.