Monero (XMR) Price Is Targeting $216 Resistance Level

Monero (XMR) Price Analysis: March 20

In case the resistance level of $216 is broken upside, the price may increase to $250 and $293 resistance levels. Should the bears defend $216 price level, price may decline towards the support level of $185, $142 and $122.

Key Levels:

Resistance Levels: $216, $250, $293

Support Levels: $185, $142, $122

XMRUSD Long-term Trend: Bullish

Monero is bullish on the daily chart. After the formation of double bottom chart pattern on the daily chart at the support level of $142. The price bounced up with full force from the bulls. The former resistance level of $185 was broken upside and it increases toward the resistance level of $216. The price pulled back last week. At the moment, bulls are dominating the Monero market.

Monero price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish market. In case the resistance level of $216 is broken upside, the price may increase to $250 and $293 resistance levels. Should the bears defend $216 price level, price may decline towards the support level of $185, $142 and $122.  The relative strength index period 14 is at 60 levels with the signal line pointing up displaying a bullish direction.

XMRUSD Price Medium-term Trend: Bullish

Monero is on the bullish movement on 4-hour chart.  Last week, the momentum of the bulls was strong enough to break up the resistance level of $185 on March 08. Before the breakout, the price was range-bound within the resistance level of $185 and support level of $142. The price retracement was carried out towards dynamic support level. At the moment, the price is increasing steadily towards $216 resistance level.

The price is trading above the 9-day EMA and the 21-day EMA which indicate a bullish movement. The relative strength index periods 14 is at 61 levels pointing up to indicate buy signal.

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