Monero (XMR) Price May Bounce Off $142 Resistance Level

Updated:

Monero (XMR) Price Analysis: July 17

In case the resistance level of $142 holds, the price may increase towards the resistance levels of $167, and $185. When the bears break down the support level of $124, there may be a price decrease towards the support level of $108, and $94.

Key Levels:

Resistance Levels: $142, $167, $185

Support Levels: $124, $108, $94

XMRUSD Long-term Trend: Bullish

Monero is bullish on the daily chart. The sellers’ momentum have pushed the price to the low of $94 support level on June 18. Buyers reacted against the sellers’ pressure with the formation of bullish engulfing candle. The bullish momentum increases and the resistance level of $124 is broken upside and $142 level is tested.

The fast moving average has crossed the slow moving average and Monero price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish momentum.   In case the resistance level of $142 holds, the price may increase towards the resistance levels of $167, and $185. When the bears break down the support level of $124, there may be a price decrease towards the support level of $108, and $94. However, the relative strength index period 14 is at 55 levels with the signal line displaying bearish direction.

XMRUSD Price Medium-term Trend: Bullish

Monero is on the bullish movement on daily chart. The bears’ momentum failed at the support level of $94, the bulls gained momentum and pushed the price upside to break up the resistance level of $124. Before the Monero market closed, it tested the resistance level of $142.

The price is trading slightly above the 9-day EMA and the 21-day EMA which indicate that bulls are in control of the Monero market. The relative strength index is at 54 levels pointing down to indicate sell signal which may be a pullback.

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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.