Monero (XMR) Price May Experience a Bullish Reversal at $108 Support level

Monero (XMR) Price Analysis: May 15

In case the bulls increase their momentum, the resistance level of $185 may be penetrated upside, which may extend bullish trend to the high of $218 and $250. When there is a breakdown at $142 support level, Monero price will decrease towards $124 and $108 levels

Key Levels:

Resistance Levels: $185, $218, $250

Support Levels: $142, $124, $108

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. The bears were able to drop the price at $108 level. The bears struggled to break down the just mentioned level but were unable. A daily candle formed on May 12 turned to pin bar and the price is trying to change the direction. More bullish candles were produced and the price is increasing towards the resistance level of $185.

Monero price is trading in close contact to the 9 periods EMA and 21 periods EMA as a sign of high bullish momentum. In case the bulls increase their momentum, the resistance level of $185 may be penetrated upside, which may extend bullish trend to the high of $218 and $250. When there is a breakdown at $142 support level, Monero price will decrease towards $124 and $108 levels. However, the relative strength index period 14 is at 40 level with the signal line displaying bullish direction.

XMRUSD Price Medium-term Trend: Bullish

Monero is on the bullish movement on 4-Hour chart. On May 12, Monero price decrease and tested the support level of $108. The bulls’ pressure increases when a daily pin bar formed at $108 level. The price breaks up the $142 resistance level. The buyer’s pressure is strong enough to push the price towards the resistance level of $185.

The price is trading above the two EMAs with the 9-day EMA crossed above the 21-day EMA which indicate that bullish movement is in progress. The relative strength index is at 57 levels pointing up to indicate buy signal.

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