Monero (XMR) Price: Ranging Movement Within $169 and $142 Levels

Updated:

Monero (XMR) Price Analysis: August 29

In case the bears increase their momentum, the support level of $142 may be penetrated downside, which may extend bearish trend to the low of $124 and $108. When there is a breakup at $169 resistance level, Monero price will increase towards $185 and $203 levels.

Key Levels:

Resistance Levels: $169, $185, $203

Support Levels: $142, $124, $108

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. Last week, the bulls and bears were struggling with each other at $169 level. Bears rejected further price increase at the just mentioned level.  The bearish momentum pushes XMR towards the $142 level last week, bulls defended the just mentioned support level. The price was dangling within $169 resistance level and $142 support level.

Monero price is trading below the 9 periods EMA and 21 periods EMA at close contact as a sign of low bearish momentum.   In case the bears increase their momentum, the support level of $142 may be penetrated downside, which may extend bearish trend to the low of $124 and $108. When there is a breakup at $169 resistance level, Monero price will increase towards $185 and $203 levels. However, the relative strength index period 14 is at 45 level with the signal line displaying bullish direction.

XMRUSD Price Medium-term Trend: Bearish

Monero is on the bearish movement on 4-Hour chart. The bulls’ pressure could not break up the $169 resistance level. The sellers’ pressure is not strong enough to break down the $142 support levels. The bearish movement may continue this week to previous low.

The price is trading around the two EMAs with the 9-day EMA interlock with the 21-day EMA which indicate that ranging movement is in progress. The relative strength index is at 47 levels 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.