Monero (XMR) Price May Decrease Further to $184 – $161 Levels

Monero (XMR) Price May Decrease Further to $184 – $161 Levels

Monero (XMR) Price Analysis: March 08

When sellers are putting more pressure on the pair, and the price may slide downwards, the support level of $184 may be penetrated downside and the support levels of $161 and $136 may be the target. Failure to break down the support level of $184 may result in the continuation of the bullish trend towards the $217, $244, and $281

Key Levels:

Resistance Levels: $217, $244, $281

Support Levels: $184, $161, $136

XMRUSD Long-term Trend: Bearish

The bullish momentum pulled back to test the support level of $184 on March 07. The price action on the daily chart has formed a “Head and Shoulder chart pattern. The last leg of the chart is about to be completed. The crypto decreases towards the support level of $184. It may experience a breakout and decreases to test the support level of $161.

XMRUSD daily chart, March 08

The 9-day EMA is trying to cross the 21-day EMA downward on the daily chart with the price trading below the two EMAs. When sellers are putting more pressure on the pair, and the price may slide downwards, the support level of $184 may be penetrated downside and the support levels of $161 and $136 may be the target. Failure to break down the support level of $184 may result in the continuation of the bullish trend towards the $217, $244, and $281

XMRUSD Price Medium-term Trend: Bearish

Monero on the 4-Hour chart is respecting the resistance level of $217; which indicates that there is a strong barrier at the level. There is a probability for the price to breakdown the support level of $184.  Should the bear pushes the coin to break down the mentioned support level, further downtrend movement could be experienced towards the support level of $161.

XMRUSD4-hour chart, March 08

The 9-day EMA is below the 21-day EMA and the price is trading below the 9-day EMA, suggesting the downward movement this week.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.