Monero (XMR) Price May Retest Previous Low at $115 Support level

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 Bears dominate Monero market

Monero (XMR) Price Analysis: 21 November

In case the support level of $124 does not hold, Monero may decrease toward the support levels of $115, and $108. When the bulls defend the support level of $124, there may be an increase toward the resistance level of $144, and $152.

Key Levels:

Resistance Levels: $134, $144, $152

Support Levels: $124, $115, $108

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. The bearish movement commenced on 13 September at the resistance level of $165 with the formation of the double-top chart pattern. The price declined to the support level of $134 and penetrate the mentioned support level. A bearish engulfing candle formed which increased the bears’ momentum. This scenario triggered sellers’ pressure and the price broke down the support levels of $124. The support level of $115 is currently tested.

Monero price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish momentum.   In case the support level of $124 does not hold, the price may decrease toward the support levels of $115, and $108. When the bulls defend the support level of $124, there may be an increase toward the resistance level of $144, and $152. However, the relative strength index period 14 is at 41 levels with the signal line displaying a bearish direction.

XMRUSD Price Medium-term Trend: Bearish

Monero is on the bearish movement on the daily chart. The bulls’ momentum failed at the resistance level of $165 after the formation of the double-bottom chart pattern. The price could not break up the mentioned level. It started to fall by penetrating the support levels of $142 and $134. The price level of $124 is tested.

The price is trading slightly below the 9-day EMA and the 21-day EMA which indicates bearish momentum in the Monero market. The relative strength index is at 43 levels pointing down to indicate a 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.