Monero (XMR) Price Is Reducing Towards $134 Resistance Level

Azeez Mustapha

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Monero (XMR) Price Analysis: October 02

Should the sellers increase their momentum, the support level of $134 may be penetrated downside, which may decrease the price to the low of $124 and $108. When the buyers gain more pressure there will be an increase in the Monero to $144 resistance level which may extend to $165 and $185 resistance levels.

Key Levels:

Resistance Levels: $144, $165, $185

Support Levels: $134, $124, $108

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. The coin has not make any significant movement in the daily time frame. It was dangling within the resistance level of $165 and support level of $144 last two weeks. Sellers exert more pressure and penetrate downside the support level of $144. Price is decreasing towards the support level of $134. The bears’ momentum is not strong enough to penetrate $134 level. Likewise the bulls’ momentum is not able to break up the resistance level of $144. Sellers’ momentum is increasing.

The crypto is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement in the Monero market. Should the sellers increase their momentum, the support level of $134 may be penetrated downside, which may decrease the price to the low of $124 and $108. When the buyers gain more pressure there will be an increase in the price to $144 resistance level which may extend to $165 and $185 resistance levels. Meanwhile, the relative strength index period 14 is at 43 level with the signal line displaying bearish signal.

XMRUSD Price Medium-term Trend: Bearish

Monero is on the bearish movement on 4-Hour chart. Monero broke out of the ranging movement it embarked last two weeks. The support level of $144 was penetrated and the price is decreasing towards the support level of $134 at the moment.

The price is trading below the two EMAs with the 9-day EMA crossed the 21-day EMA downside which indicate that sellers are dominating the market. The relative strength index is at 38 levels pointing up to indicate buy 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.

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