Monero (XMR) Price May Bounce Off $167 Resistance Level
Login

Monero (XMR) Price May Bounce Off $167 Resistance Level

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


Monero (XMR) Price Analysis: July 31

In case the resistance level of $167 is broken upside, the price may increase to $185 and $203 resistance levels. Should the bears defend $167 price level, price may decline towards the support level of $124, and $108.

Key Levels:

Resistance Levels: $167, $185, $203

Support Levels: $142, $124, $108

XMRUSD Long-term Trend: Bullish

Monero is bullish on the daily chart. After the formation of double bottom chart pattern on the daily chart at the support level of $108. The price bounced up with full force by the bulls. The former resistance level of $124 was broken upside and it increases toward the resistance level of $167. The price pulled back last week. At the moment, bulls are dominating the Monero market.

Monero price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish market. In case the resistance level of $167 is broken upside, the price may increase to $185 and $203 resistance levels. Should the bears defend $167 price level, price may decline towards the support level of $124, and $108.  The relative strength index period 14 is at 60 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.  Last week, the momentum of the bulls was strong enough to break up the resistance level of $124 on July 14. Before the breakout, the price was range-bound within the resistance level of $124 and support level of $108. The price retracement was carried out towards dynamic support level. At the moment, the price is increasing steadily towards $167 resistance level.

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 48 levels pointing up to indicate buy signal.

You can purchase Lucky Block here.  Buy LBlock:

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News