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Monero (XMR) Price Analysis: January 23
When the bears defend the support level of $136, there may be an increase towards the resistance level of $161, $179 and $220. However, the relative strength index period 14 is at 30 levels with the signal line displaying bearish direction.
Resistance Levels: $161, $179, $220
Support Levels: $136, $111, $97
XMRUSD Long-term Trend: Bearish
Monero is bearish on the daily chart. The bearish movement commenced on January 02 at the resistance level of $249. Price decline to the support level of $179 and bounced up to retest the resistance level of $220. Bearish engulfing candle formed at $220 level which interrupted the bulls’ momentum. This scenario triggered sellers’ pressure and the price broke down the support levels of $179 and $161. The support level of $136 is currently tested.
Monero price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish momentum. In case the support level of $136 does not hold, the price will decrease towards the support levels of $136, $111 and $97. When the bears defend the support level of $136, there may be an increase towards the resistance level of $161, $179 and $220. However, the relative strength index period 14 is at 30 levels with the signal line displaying bearish direction.
XMRUSD Price Medium-term Trend: Bearish
Monero is on the bearish movement on daily chart. The bulls’ momentum failed at the resistance level of $220 after the formation of double bottom chart pattern. The price could not break up the mentioned level. It started fallen by penetrating the support levels of $179 and $161. The price level of $136 is tested.
The price is trading below the 9-day EMA and the 21-day EMA which indicate a bearish movement. The relative strength index is at 30 levels pointing up to indicate buy signal which may be a pullback.
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