Monero (XMR) Price May Bounce at $189 Support Level

Updated:

Monero (XMR) Price Analysis: December 12

In case there is further increase in the bears’ momentum a breakdown of $189 support level may be experienced, which may drop the price to previous low of $161. The breakup of $216 resistance level will increase Monero price towards $244 levels and beyond.

Key Levels:

Resistance Levels: $216, $244, $281

Support Levels: $189, $161, $136

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. XMR bottomed at support level of $189 on December 09 after a big fall from the November high of $300 resistance level. The bulls reject further price reduction with the formation of daily bullish candle.  The price retraced back towards dynamic resistance levels. The bearish momentum is increasing. The price is currently bearish, moving down towards the previous low at $161.

XMRUSD daily chart, December 12

Monero price is trading below the 9 periods EMA and 21 periods EMA at a close contact as a sign of low bearish momentum.   In case there is further increase in the bears’ momentum a breakdown of $189 support level may be experienced, which may drop the price to previous low of $161. The breakup of $216 resistance level will increase Monero price towards $244 levels and beyond. However, the relative strength index period 14 is at 40 levels with the signal line pointing up to indicate a buy signal.

XMRUSD Price Medium-term Trend: Bullish

Monero is on the bullish movement on 4-Hour chart. The price action on 4-hour chart is trying to form a tripple bottom chart pattern. The price touched the support level of $189 first on December 04 and pullback. The same level was tested on December 06. On December 10, the price bounces and price is increasing gradually.

XMRUSD 4-hour chart, December 12

The price is trading above the two EMAs with the 9-day EMA crossing above the 21-day EMA which indicate that bulls are getting ready to dominate the market. The relative strength index is at 50 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.