Monero (XMR) Price Is Struggling to Penetrate $281 Resistance Level

Updated:

Monero (XMR) Price Analysis: October 24

A break up at the resistance level of $281 by the bulls will push the coin towards the price level of the $322 and may extend to $361 resistance level. On the other hand, the breakdown of the $244 support level will make the coin to find support at $216 and $189 levels.

Key Levels:

Resistance Levels: $281, $322, $361

Support Levels: $244, $216, $189

XMRUSD Long-term Trend: Bullish

On the daily chart, XMRUSD is on the bullish movement. There was a war between the bulls and the bears in the Monero market last week. The bulls were trying to break up the resistance level of $281 but bears were resisting the movement. Bears were equally pressing hard on the support level at $244, the bulls are defending the level. The Bulls’ pressure is currently dominating the Crypto market.

XMRUSD daily chart, October 24

Monero is trading above the 9-day EMA and the 21-day EMA on the daily chart. A break up at the resistance level of $281 by the bulls will push the coin towards the price level of the $322 and may extend to $361 resistance level. On the other hand, the breakdown of the $244 support level will make the coin to find support at $216 and $189 levels.

XMRUSD Price Medium-term Trend: Bullish

Monero is bullish on 4-Hour chart. The bears push the coin to test the support level of $244 on October 20. The bulls prevented further decrease in price and a big bullish candle emerges that pushed the price to the resistance level of $281. An increase in the bulls’ momentum can push the price to $322 price level. Further price increase envisaged.

Monero 4 hour chart, October 24

Monero is trading above the two EMAs, which indicate that bulls’ momentum is increasing. The relative strength index is at 60 levels with the signal line displaying bullish direction.

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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.