Monero (XMR) Price Is Range-Bound Within $244 and $189 Levels

Monero (XMR) Price Is Range-Bound Within $244 and $189 Levels

Monero (XMR) Price Analysis: July 04

When the bulls increase their momentum, the resistance level of $244 may be broken upside, which may increase the price to high of $281 and $322. In case the resistance level of $244 holds, price may decrease towards the support level of $189, $161 and $136 levels.

Resistance Levels: $244, $281, $322

Support Levels: $189, $161, $136

XMRUSD Long-term Trend: Ranging

Monero is on ranging movement on the daily chart. The bearish movement has resulted to ranging movement just because of weak bearish momentum and weak bullish pressure. Attempt made by the bulls to break up the $244 level fails as the confluence at the mentioned level is stronger. Unless there is a breakdown of the support level of $189, consolidation continues.

XMRUSD daily chart, july 04

Monero price is trading below and within the 9 periods EMA and 21 periods EMA as a sign of consolidation movement.   When the bulls increase their momentum, the resistance level of $244 may be broken upside, which may increase the price to high of $281 and $322. In case the resistance level of $244 holds, price may decrease towards the support level of $189, $161 and $136 levels.

XMRUSD Price Medium-term Trend: Ranging

Monero is on the ranging movement on 4-Hour chart. The sellers’ pressure is getting weak and could not break down the $189 support level. The price is range-bound within resistance level of $244 and $189 support level.

XMRUSD 4 hour chart, July 04

The price is hovering over and around the two EMAs with the 9-day EMA interlocked to the 21-day EMA which indicate that ranging movement is in progress in the Monero market. The relative strength index is at 60 levels displaying no specific price direction.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.