Monero (XMR) Price Analysis: March 06
When the bulls break up the resistance level of $185, there may be an increase towards the resistance level of $216 and $250. In case the resistance level of $185 holds, bears may gain more pressure and the price will decrease towards the support levels of $142, $122 and $102
Key Levels:
Resistance Levels: $185, $216, $250
Support Levels: $142, $122, $102
XMRUSD Long-term Trend: Ranging
Monero is ranging on the daily chart. The ranging movement in the XMR market commenced on January 24 when the price reached the support level of $142 and the bearish momentum failed. The bearish pressure failed and price consolidates for short period of time before the bulls pushed up the price to $185 level. The bulls’ pressure is considered lower than the resistance level of $185; the scenario make the price, ranging within the just mentioned level above.
Monero price is trading around the 9 periods EMA and 21 periods EMA as a sign of ranging market. When the bulls break up the resistance level of $185, there may be an increase towards the resistance level of $216 and $250. In case the resistance level of $185 holds, bears may gain more pressure and the price will decrease towards the support levels of $142, $122 and $102. However, the relative strength index period 14 is at 47 levels with the signal line displaying bearish direction.
XMRUSD Price Medium-term Trend: Ranging
Monero is on the ranging movement on daily chart. The price is range-bound within the resistance level of $185 and support level of $142. The momentum of the bulls is not yet strong enough to break up the resistance level of $185. In the same way, the bears’ pressure is low compare with the barrier at support level of $142. Ranging movement may continue until there is a breakout.
The price is trading over and around the 9-day EMA and the 21-day EMA which indicate a ranging movement. The relative strength index periods 14 is below 42 levels pointing down to indicate sell signal.
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