Monero (XMR) Price Analysis: April 17
In case the bulls break up the resistance level of $250, there may be an increase towards the resistance level of $293 and $324. When the bears increase their momentum, the support level of $218 may be penetrated downside, which may decrease the price to low of $185 and $142
Key Levels:
Resistance Levels: $250, $293, $324
Support Levels: $218, $185, $142
XMRUSD Long-term Trend: Bullish
Monero is bullish on the daily chart. The formation of double bottom chart pattern formed on the daily time frame at $142 support level triggered the bullish trend. The crypto increases and broke up the former resistance levels of $185 and $215. More pressure from the bulls pushed the price to test the high of $250 which is the October high.
Monero price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish momentum. In case the bulls break up the resistance level of $250, there may be an increase towards the resistance level of $293 and $324. When the bears increase their momentum, the support level of $218 may be penetrated downside, which may decrease the price to low of $185 and $142. However, the relative strength index period 14 is at 60 levels with the signal line displaying no specific direction.
XMRUSD Price Medium-term Trend: Ranging
Monero is on the ranging movement on 4-Hour chart. The price is range-bound within the support level of $218 and resistance level of $250 since last week. The bears’ pressure is weak to break down the $218 support level. Likewise, the bulls’ momentum is low to push up the price. The price is trying to break up the levels. Monero is awaiting a breakout.
The price is trading over and around the two EMAs with the 9-day EMA interlocked with the 21-day EMA which indicate a consolidating market. The relative strength index is at 57 levels pointing up to indicate buy signal.
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