Monero (XMR) Price Analysis: May 08
When there is a breakup at $218 resistance level, Monero price will increase towards $250 and $293 levels. In case the bears increase their momentum, the support level of $185 may be penetrated downside, which may extend bearish trend to the low of $142 and $122.
Resistance Levels: $218, $250, $293
Support Levels: $185, $142, $122
XMRUSD Long-term Trend: Bearish
Monero is bearish on the daily chart. Last week, the bulls and bears were struggling with each other at $218 level. Bears rejected further price increase at the just mentioned level. The bearish momentum pushes XMR towards the $185 level last week, bulls defended the just mentioned support level. The price was dangling within $218 resistance level and $185 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 $185 may be penetrated downside, which may extend bearish trend to the low of $142 and $122. When there is a breakup at $218 resistance level, Monero price will increase towards $250 and $293 levels. However, the relative strength index period 14 is at 46 level with the signal line displaying no specific 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 $218 resistance level. The sellers’ pressure is not strong enough to break down the $185 support levels. The bearish movement may continue next 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 53 levels pointing up to indicate buy signal.
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