Monero (XMR) Price May Break Out at $185 Resistance Level

Updated:

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.

Daily 1

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.

4hours 2

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.

You can purchase Lucky Block here.  Buy LBlock:

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 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
Share with other traders!

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.