Monero market remains under bulls’ control
Monero (XMR) Price Analysis: 22 January
Price may surge near the $203 and $218 barrier levels if buyers successfully push the price above $185. Monero may decline toward the support levels of $165, $152, and $144 if the $185 resistance level holds.
Key Levels:
Resistance Levels: $185, $203, $218
Support Levels: $165, $152, $144
XMRUSD Long-term Trend: Bullish
Monero is on the upward movement on the daily chart. On November 9, the coin touched a low of $115 and bounced up. With the emergence of a strong bullish engulfing candle pattern, the buyers successfully protected the indicated level. The former resistance levels at $144, $152, and $165 were broken by the price’s upward movement. The $185 resistance level was tested on January 14 and pulled back to retest the support level of $165. At the moment, the price is trying to retest the resistance level of $185.
Last week, increased purchasing pressure prompted the price to cross the $185 psychological barrier. In the coming week, buyers might still control the Monero market. As the price of Monero breaks over the dynamic resistance level, the coin is trading above the 9-period EMA and 21-period EMA. Price may surge near the $203 and $218 barrier levels if buyers successfully push the price above $185. The price may decline toward the support levels of $165, $152, and $144 if the $185 resistance level holds. The period 14 signal line for the Relative Strength Index is pointing up at 68, indicating a buy signal.
XMRUSD Price Medium-term Trend: Bullish
Monero is bullish on the 4-hour chart. On November 14, when the price approached the $115 support level, the downward trend was reversed. When the bulls gained more traction, the price rose even higher. The price tested the $185 level after breaking through the $165 resistance level, and it declined last week to retest the broken level. The price may retest last week’s high.
Price is inclining as it trades above the dynamic support levels. In other words, Monero is trading above the 9-day and 21-day exponential moving averages. The Relative Strength Index is bending up at 64 level, indicating a buy signal.
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