Monero (XMR) Price Reaches October High, Bearish Momentum May Commence

Updated:

Monero (XMR) Price Analysis: April 24

When bears increase their momentum it will break down the support level of $250, then, there may be a decrease towards the support level of $218 and $185. When the bulls increase their momentum, the resistance level of $293 may be penetrated upside, which may increase the price to previous high of $324 and $354

Key Levels:

Resistance Levels: $293, $324, $354

Support Levels: $250, $218, $185

XMRUSD Long-term Trend: Bullish

On the daily chart Monero is bullish. The coin is still obeying the command of the double bottom chart pattern formed on the daily time frame at $142 support level. The crypto increases and broke up the former resistance levels of $185 and $215. More pressure from the bulls pushed the price to test the high of $293 which is the October high. Last week, the mentioned level holds and the price is pulling back to retest $250 level.

daily 38

Monero price is trading between the 9 periods EMA and 21 periods EMA as a sign of bearish momentum. When bears increase their momentum it will break down the support level of $250, then, there may be a decrease towards the support level of $218 and $185. When the bulls increase their momentum, the resistance level of $293 may be penetrated upside, which may increase the price to previous high of $324 and $354. However, the relative strength index period 14 is at 56 levels with the signal line displaying bearish direction.

XMRUSD Price Medium-term Trend: Bearish

Monero is on the bearish movement on 4-Hour chart. The price reached the resistance level of $293 on April 21. The bulls could not break up the just mentioned level. It pulled back and began to form a double top chart pattern. At the moment, the price is trying to break down the resistance level of $249 level.

4 hours 26

The price is trading below the two EMAs with the 9-day EMA crossing the 21-day EMA downside which indicate a bearish market. The relative strength index is at 42 levels pointing down to indicate sell 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.