Monero (XMR) Price Is Soaring Towards $281 Price Level

Monero (XMR) Price Analysis: January 02

In case the bears oppose the bullish movement at $249, price may reverse and face the support level of $220, which may decrease the price to low of $179 and $161. When the bulls break up the resistance level of $249, there may be an increase towards the resistance level of $281 and $300.

Key Levels:

Resistance Levels: $249, $281, $300

Support Levels: $220, $179, $161

XMRUSD Long-term Trend: Bullish

Monero is bullish on the daily chart. The crypto commences a bullish trend on December 20 at $179 support level. More pressure was exerted by the bulls and the former resistance level of $220 has turned to support level. The bullish momentum increases to test the resistance level of $249. Today, bears dominate the market and the price is pulling back.

Monero price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish momentum.   In case the bears oppose the bullish movement at $249, price may reverse and face the support level of $220, which may decrease the price to low of $179 and $161. When the bulls break up the resistance level of $249, there may be an increase towards the resistance level of $281 and $300. However, the relative strength index period 14 is at 60 levels with the signal line displaying bearish direction which may be a pullback.

XMRUSD Price Medium-term Trend: Bullish

Monero is on the bullish movement on 4-Hour chart. The bulls gained more pressure and pushes the price towards the resistance level of $249 after broken up the former resistance level of $220. The resistance level of $249 was tested last week. The bullish momentum became weak and the price was pulling back before market closed last week.

The price is trading below the 9-day EMA but above the 21-day EMA which indicate a pullback at $249 level. The relative strength index is below 60 levels pointing down to indicate sell signal which may be a pullback.

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