Monero (XMR) Price Is Testing Last Year Low; $111 Support level

Updated:

Monero (XMR) Price Analysis: June 19

In case the support level of $111 does not hold, the price may decrease towards the support levels of $108, and $95. When the bulls defend the support level of $111, there may be an increase towards the resistance level of $124, $142 and $167.

Key Levels:

Resistance Levels: $124, $142, $167

Support Levels: $111, $108, $95

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. The bearish movement commenced on May 30 at the resistance level of $203 with the formation of double top chart pattern. Price decline to the support level of $142 and penetrate the mentioned support level. Bearish engulfing candle formed which increased the bears’ momentum. This scenario triggered sellers’ pressure and the price broke down the support levels of $124. The support level of $111 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 $111 does not hold, the price may decrease towards the support levels of $108, and $95. When the bulls defend the support level of $111, there may be an increase towards the resistance level of $124, $142 and $167. However, the relative strength index period 14 is at 29 levels with the signal line displaying bullish 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 $203 after the formation of double top chart pattern. The price could not break up the mentioned level. It started fallen by penetrating the support levels of $142 and $124. The price level of $108 is tested.

The price is trading slightly above the 9-day EMA and the 21-day EMA which indicate that bulls may take over Monero market soon. The relative strength index is at 48 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.