Monero (XMR) Price May Reverse at Resistance Level of $281

Monero (XMR) Price May Reverse at Resistance Level of $281

Monero (XMR) Price Analysis: February 21

When buyers are putting more pressure on the coin, and the price may slide upwards, the resistance level of $281 may be penetrated upside and the resistance levels of $322 and $361 may be the target. Failure to break up the resistance level of $281 may result to the bearish trend towards the $244, $217, and $184 support levels.

Key Levels:

Resistance Levels: $281, $322, $361

Support Levels: $244, $217, $184

XMRUSD Long-term Trend: Bullish

The bulls are dominating the Monero market. The coin was on the ranging movement within $136 and $184 price levels. The ranging movement comes to an end on February 11 with the increase in the bulls’ momentum. A daily bullish candle broke up and close above the resistance level of $184. The coin sporadically increased and reach the $144 price level. The price pulls back and retest the $217 price level. More pressure is gained by the bulls and a strong big bullish candle formed and the price increases to $281 level. The price pulled back to retest the $244 level.

XMRUSD daily chart, February 21

The 9-day EMA is has crossed the 21-day EMA upside on the daily chart with the price trading above the two EMAs. When buyers are putting more pressure on the coin, and the price may slide upwards, the resistance level of $281 may be penetrated upside and the resistance levels of $322 and $361 may be the target. Failure to break up the resistance level of $281 may result to the bearish trend towards the $244, $217, and $184 support levels.

XMRUSD Price Medium-term Trend: Bullish

Monero on the 4-Hour chart is respecting the resistance level of $281; which indicates that there is a strong barrier at the level and the coin carry out retracement. There is a probability for the price to breakdown the support level of $244 provided the bears increase the pressure.  Should the bear pushes the coin to break down the mentioned support level, further downtrend movement could be experienced towards the support level of $217.

XMRUSD 4 hour chart, February 21

The 9-day EMA is trying to cross the 21-day EMA downside and the price is trading below the two EMAs, suggesting the downward movement this week.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.