Monero (XMR) Price May Break Down $281 Level

Azeez Mustapha
29 August 2021 | Updated: 29 August 2021

Monero (XMR) Price Analysis: August 29

When the bulls prevail over the bears and were able to break up the resistance level of $322, it may expose the price to the resistance levels of $361 and $401. The breakdown of the support level of $281 may decrease the price down to the support levels of $244, and $189 price levels.

Key Levels:

Resistance Levels: $322, $361, $401

Support Levels: $281, $244, $189

XMRUSD Long-term Trend: Ranging

On the daily chart, XMRUSD is on the ranging movement. Monero was on the bullish trend last two weeks and the price reached the resistance level at $322. The bulls’ pressure could not break up the $322 level due to the opposition from the bears. The price commences consolidation movement within the range of $322 and $281 levels.

XMRUSD Daily Chart, August 29

The bears are trying to push the price away from the resistance level of $322 as Buyers are exerting pressure on the Monero market. The price is trading between the 9-day EMA and the 21-day EMA on the daily chart. When the bulls prevail over the bears and were able to break up the resistance level of $322, it may expose the price to the resistance levels of $361 and $401. The break down of the support level of $281 may decrease the price down to the support levels of $244, and $189 price levels.

XMRUSD Price Medium-term Trend: Ranging

Monero is ranging on 4-Hour chart. The bulls were able to push up the price to test the resistance level of $322 after passing thru the $281 level. The bulls lose the momentum when the price reached the resistance level of $322. It started a ranging movement within the $322 and 4281 price level.

XMRUSD 4 hour chart, August 29

The 9-day EMA is interlocked with the 21-day EMA and the price continue to hover around the two EMAs, which indicate that bulls’ and bears’ momentum is weak. The relative strength is at 40 levels with the signal line pointing down to indicate sell signal

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Azeez Mustapha

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.