Monero (XMR) Price Is Ranging Within $281 and $217 Price Levels

Monero (XMR) Price Is Ranging Within $281 and $217 Price Levels

Monero (XMR) Price Analysis: May 30

In case there is a break up of $281 resistance level, $322 and $361 resistance levels may be tested. The breakdown of $217 support level will reduce Monero price towards $184 and $161 levels.

Key Levels:

Resistance Levels: $281, $322, $361

Support Levels: $217, $184, $161

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. XMR eventually found support at $184 level after a big fall from the high of $511 resistance level. There was a pullback towards the resistance level of $281. The bullish momentum failed and the price could not increase beyond $281 level.  The bearish momentum equally become weaken and the price has been ranging within $281 and $217 price level.

XMRUSD Daily chart, May 30

Monero price is trading below the 9 periods EMA and 21 periods EMA at a close contact as a sign of low bearish and bullish momentum.   In case there is a break up of $281 resistance level, $322 and $361 resistance levels may be tested. The breakdown of $217 support level will reduce Monero price towards $184 and $161 levels. However, the relative strength index period 14 is at 40 levels with the signal line pointing up to indicate buy signal.

XMRUSD Price Medium-term Trend: Ranging

Monero is on the ranging movement on 4-Hour chart. The sellers’ pressure could not break down the $217 support level. Likewise, the bulls’ pressure could not break up the $281 resistance level. This is what leads to ranging movement within the mentioned level above.

XMRUSD 4hour chart, May 30

The price is hovering over and around the two EMAs with the 9-day EMA interlocked with the 21-day EMA which indicate that consolidation is in progress. The relative strength index is at 50 levels pointing down to indicate sell signal.

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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.