Bears’ Pressure increases in Monero market
Monero (XMR) Price Analysis: 05 February
Monero price may fall to the $152 and $144 levels should sellers successfully push the price below $165. The price may rise to the resistance levels of $185, $203 and $218, if the $165 support level persists.
Key Levels:
Resistance Levels: $185, $203, $218
Support Levels: $165, $152, $144
XMRUSD Long-term Trend: Bullish
Monero is bullish on the daily chart. On November 9, the coin hit a low of $115 before rebounding. The arrival of a potent bullish engulfing candle pattern enabled the buyers to successfully defend the indicated level. Over the previous resistance levels of $144, $152, and $165, the price rose. The $185 resistance level was reached on January 14 before being pushed back to retest the $165 support level.
The high of $185 resistance level was under increased pressure from bulls last week. The price exceeded the psychological barrier of $165 due to increased demand. Next week, Sellers might control the Monero market. The 9-period and 21-period EMAs are above the price of Monero. Pricing may fall to the $152 and $144 levels should sellers successfully push the price below $165. The price may rise to the resistance levels of $185, $203, and $218 if the $165 support level persists. The period 14 signal line of the Relative Strength Index is trending downward at the 48 level, indicating a sell.
XMRUSD Price Medium-term Trend: Bearish
Monero is bearish on the 4-hour chart. The resistance level of $185 was tested on 14 January and the sellers opposed the movement. It pulled back and tested the support level of $152. Buyers gained more momentum and the price increased to retest the previous high of $185. The bulls lose steam and the sellers’ momentum increased. It seems the price is changing to a bearish trend.
As it trades below the dynamic support levels, the price is declining. In other words, the 9-day and 21-day exponential moving averages are above the price of Monero. At 29, the Relative Strength Index is leaning downward, signaling a sell.
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