Monero (XMR) Price Is Heading Towards Previous Low at $94 Level

Updated:

Monero (XMR) Price Analysis: July 03

In case the support level of $108 does not hold, the price may decrease towards the support levels of $94, and $88. When the bulls defend the support level of $108, there may be an increase towards the resistance level of $124, $142 and $167

Key Levels:

Resistance Levels: $124, $142, $167

Support Levels: $108, $94, $88

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. On 18 June, the bearish movement pushed the price to the support level of $108 from the high of $203 after the formation of double top chart pattern. Monero Price pulls back to the resistance level of $124. Last week the bulls’ pressure failed and the bears takes over the market and push the price towards the previous low of $108.

Monero price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish momentum.   In case the support level of $108 does not hold, the price may decrease towards the support levels of $94, and $88. When the bulls defend the support level of $108, there may be an increase towards the resistance level of $124, $142 and $167. However, the relative strength index period 14 is at 37 levels with the signal line displaying bearish direction.

XMRUSD Price Medium-term Trend: Bearish

Monero is on the bearish movement on daily chart. When the bears’ momentum failed at the support level of $108, the bulls gained momentum and pushed the price upside to retest the resistance level of $124 where the price bounces off. The price is currently heading towards the support level of $108 at the moment.

The price is trading slightly below the 9-day EMA and the 21-day EMA which indicate that bears are in control of the Monero market. The relative strength index is at 61 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.