Monero (XMR) Price: More Bullish Pressure May Break Up $185 Level

Bulls’ Pressure increases in Monero market

Monero (XMR) Price Analysis: 29 January

Should buyers successfully raise the price above $185, pricing may increase close to the $203 and $218 barrier levels. If the $185 resistance level holds, Monero may fall into the support levels of $165, $152, and $144.

Key Levels:

Resistance Levels: $185, $203, $218

Support Levels: $165, $152, $144

XMRUSD Long-term Trend: Bullish

On the daily chart, Monero is on an upward movement. The coin experienced a low of $115 on November 9 before recovering. The purchasers were able to effectively defend the suggested level, thanks to the appearance of a powerful bullish engulfing candle pattern. The price increased over the prior resistance levels of $144, $152, and $165. On January 14, the $185 resistance level was tested and pulled back to retest the $165 support level. At the moment, bulls are exerting more pressure on the previous high at the $185 level.

Increased demand last week caused the price to surpass the psychological threshold of $165. The Monero market may continue to be dominated by buyers next week. The 9-period EMA and 21-period EMA are trading below the price of Monero. Should buyers successfully raise the price above $185, pricing may increase close to the $203 and $218 barrier levels. If the $185 resistance level holds, the price may fall into the support levels of $165, $152, and $144. The Relative Strength Index’s period 14 signal line is pointing up at 67, signaling a buy.

XMRUSD Price Medium-term Trend: Bullish

Monero is bullish on the 4-hour chart. When the price got close to the $115 support level on November 14, the downward trend changed. The price increased even further as the bulls acquired greater momentum. After passing through the $165 resistance level, the price tested the $185 level before falling last week to retest the broken level. Price may break up the peak of the last two weeks ($185 level).

As it trades above the dynamic support levels, the price is inclining. In other words, the 9-day and 21-day exponential moving averages are below the price of Monero. At 68, the Relative Strength Index is leaning upward, signaling a buy.

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