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Monero (XMR) Price Analysis: August 01
Inability to break up the resistance level of $244 may result to further price decrease towards the support level of $189, $161, and $136. The price may break up the resistance level of $244 and it may extend to the resistance levels of $281 and $322.
Key Levels:
Resistance Levels: $244, $281, $322
Support Levels: $189, $161, $136
XMRUSD Long-term Trend: Bullish
On the daily chart, XMRUSD is on the bullish movement. Monero has formed a bullish chart pattern called double bottom on the daily chart. The mentioned chart pattern triggers the bullish trend. The price increases to the resistance level at $244. The bullish momentum may break up the just mentioned level. At the moment, the coin is trying to break $244 level upside.
The buyers are exerting more pressure on the Monero market at the moment, the price is trading above the 9-day EMA and the 21-day EMA on the daily chart. Inability to break up the resistance level of $244 may result to further price decrease towards the support level of $189, $161, and $136. The price may break up the resistance level of $244 and it may extend to the resistance levels of $281 and $322.
XMRUSD Price Medium-term Trend: Bullish
Monero is bullish on 4-Hour chart. The price tested the support level of $189 second time on July 21 and support level of $189 holds. It bounces, moving up and testing the resistance level of $244. In case the resistance level of $244 is broken upside, the price may reach $281 price level.
The 9-day EMA is above the 21-day EMA and the price is trading above the two EMAs, which indicate that bulls are dominating Monero market.
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