Monero (XMR) Price May Retest $142 Level Before Bullish Trend Commence

Updated:

Monero (XMR) Price Analysis: February 20

When the bears break down the support level of $142, there may be a decrease towards the support level of $122 and $102. In case the support level of $142 holds, bulls may gain more pressure and the price will increase towards the resistance levels of $185, $216 and $250.

Key Levels:

Resistance Levels: $185, $216, $250

Support Levels: $142, $122, $102

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. Last two weeks, the bullish trend commenced by the bull on February 04 at $142 support level. The bulls’ pressure push up the price to resistance levels of $185 and started a consolidation movement. The price could not break up the mentioned level, which indicate that the bulls’ momentum failed. The sellers interrupted the price increase with the formation of bearish engulfing candles. The price decline to retest the support level of $142.

Monero price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish momentum.   When the bears break down the support level of $142, there may be a decrease towards the support level of $122 and $102. In case the support level of $142 holds, bulls may gain more pressure and the price will increase towards the resistance levels of $185, $216 and $250. However, the relative strength index period 14 is at 29 levels with the signal line displaying bullish direction.

XMRUSD Price Medium-term Trend: Bearish

Monero is on the bearish movement on daily chart. The price action on the daily chart has formed a double top chart pattern. The first time price tested the resistance level at $185 was February 10. The price bounced off because the bullish pressure could not break it up. It tested the resistance level of $185, the bears opposed the price increase and push down the price to retest the previous low at $142.

The price is trading below the 9-day EMA and the 21-day EMA which indicate a bearish movement. The relative strength index is below 25 levels pointing down to indicate sell signal.

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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.