Monero (XMR) Price May Decline From Resistance Level of $167

Monero (XMR) Price Analysis: August 14

When the bulls exert more pressure, the resistance level of $167 may be broken upside, the price may increase to $185 and $203 resistance levels. In case the bears defend $167 price level, it may decline towards the support levels of $142, $124 and $108.

Key Levels:

Resistance Levels: $167, $185, $203

Support Levels: $142, $124, $108

XMRUSD Long-term Trend: Bullish

On the daily chart, Monero is bullish. Buyers are dominating Monero market since June 18 when the bears pushed the price to the support level of $108. The price bounced up and steadily increasing with pressure from the bulls. The price has broken up the resistance levels of $124 and $142. Last week, the price tested the resistance level of $167 and commences consolidation around the level.

Monero price is trading slightly above the 9 periods EMA and 21 periods EMA as a sign of bullish market. When the bulls exert more pressure, the resistance level of $167 may be broken upside, the price may increase to $185 and $203 resistance levels. In case the bears defend $167 price level, it may decline towards the support levels of $142, $124 and $108.  The relative strength index period 14 is at 58 levels with the signal line pointing up displaying a bullish direction.

XMRUSD Price Medium-term Trend: Bullish

Monero is on the bullish movement on 4-hour chart.  When the resistance level of $124 was broken upside with the momentum of the bulls. The price is steadily increasing to break up the resistance level of $142. The price is consolidating around the resistance level of $167 at the moment.

The price is trading around the 9-day EMA and the 21-day EMA which indicate a consolidating movement. The relative strength index periods 14 is at 51 levels pointing down to indicate sell signal which may be a pullback.

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