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

Updated:

Monero (XMR) Price Analysis: February 13

When buyers are putting more pressure on the coin, and the price break up the resistance level of $185, the resistance levels of $216 and $250 may be the target. Failure to break up the resistance level of $185 may result to the bearish trend towards the $142, $122, and $102 support levels.

Key Levels:

Resistance Levels: $185, $216, $250

Support Levels: $142, $122, $102

XMRUSD Long-term Trend: Bullish

The bulls are dominating the Monero market. The coin was on the ranging movement at $142 price level. The ranging movement comes to an end on February 04 with the increase in the bulls’ momentum. A daily bullish candle broke up and close above the dynamic resistance levels. The coin is increasing and reach the $185 price level. The price pulls back and retest the dynamic support level. When more pressure is gained by the bulls, the price may increase to break up $185 level.

The 9-day EMA is crossing the 21-day EMA upside on the daily chart with the price trading slightly above the two EMAs. When buyers are putting more pressure on the coin, and the price break up the resistance level of $185, the resistance levels of $216 and $250 may be the target. Failure to break up the resistance level of $185 may result to the bearish trend towards the $142, $122, and $102 support levels.

XMRUSD Price Medium-term Trend: Bullish

Monero on the 4-Hour chart is respecting the resistance level of $185; which indicates that there is a strong barrier at the level and the coin is carrying out retracement. There is a probability for the price to break up the resistance level of $185 provided the bulls increase their pressure.  Should the bull pushes the coin to break down the mentioned support level, further downtrend movement could be experienced towards the support level of $122.

The 9-day EMA is trying to cross the 21-day EMA upside and the price is trading between the two EMAs, suggesting the upward movement this week.

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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.