Monero (XMR) Price Pulls Back to Continue Bearish Movement

Updated:

Monero (XMR) Price Analysis: May 29

In case the bears exert more pressure, the coin may be pushed to $142 level, in which if it break the level, it will expose price to the support levels of $124 and $108. Above the current price are barriers at the resistance level of $185, which may increase to $218 and $250 levels.

Key Levels:

Resistance Levels: $185, $218, $250

Support Levels: $142, $124, $108

XMRUSD Long-term Trend: Bullish

On the daily chart, XMRUSD is on the bullish movement. The silver price was on the bullish trend last week. It was trying to complete the formation of the short “W” chart pattern. On May 26, the bearish engulfing candle pattern formed. This pattern triggers a bearish momentum which pushed the price back towards the support level of $142. At the moment, price is trading below $185 level.

Monero is trading between the 9-day EMA and the 21-day EMA on the daily chart. In case the bears exert more pressure, the coin may be pushed to $142 level, in which if it break the level, it will expose price to the support levels of $124 and $108. Above the current price are barriers at the resistance level of $185, which may increase to $218 and $250 levels.

XMRUSD Price Medium-term Trend: Bullish

Monero is bullish on 4-Hour chart. The coin was on the bullish movement last two weeks on the 4-hour chart. The buyers successfully pushed up the price toward the resistance level of $218. The bears made an attempt to push up the price above the mentioned resistance level but the bears interrupted the bulls, the price pulled back last week. The bulls are gaining momentum to restore bullish movement to the Monero market.

Monero is trading between the two EMAs, which indicate that bulls’ momentum is increasing. The relative strength is at 46 levels with the signal line pointing up to indicate buy 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.