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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.
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.
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.
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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