Monero (XMR) Price Is Trying to Break Up $216 Resistance Level

Updated:

Monero (XMR) Price Analysis: March 27

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

Key Levels:

Resistance Levels: $215, $250, $293

Support Levels: $185, $142, $122

XMRUSD Long-term Trend: Bullish

Monero is bullish on the daily chart. The formation of double bottom chart pattern on the daily chart at the support level of $142 triggers the bullish momentum. The price bounces up with formation of more bullish candles. The former resistance level of $185 has turned to support level and it increases toward the resistance level of $216. At the moment, bulls are dominating the Monero market and it is trying to break up the just mentioned level.

Daily 39

Monero price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish market. Should the bears defend $216 price level, price may decline towards the support level of $185, $142 and $122.  Should the resistance level of $216 is broken upside, the price may increase to $250 and $293 resistance levels. The relative strength index period 14 is at 65 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.  two weeks ago before the breakout, the price was range-bound within the resistance level of $185 and support level of $142. The momentum of the bulls increased to break up the resistance level of $185 on March 08. Pprice retracement was carried out towards dynamic support level. At the moment, the price is testing the resistance level of $216.

4hours 40

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 74 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.