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

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.

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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.