The bullish reversal in Monero market
Monero (XMR) Price Analysis: 12 March
The cryptocurrency may reach levels of $134 and $124 if it can successfully go below $144. If the $144 support level holds, Monero might increase to the $152, $168, and $185 resistance levels.
Key Levels:
Resistance Levels: $152, $168, $185
Support Levels: $144, $134, $124
XMRUSD Long-term Trend: Bearish
Monero is bearish on the daily chart. Early this year, the price was under the control of the buyers. The currency hit a high of $185 on 29 January. The sellers opposed the price increase with the formation of a bearish solid daily candle. The price reverses and declines toward the support level of $152. It pulled back and retested the resistance level of $168, as a result, of an increase in bearish momentum. The support level of $152 was broken downside and tested the support level of $134 on 10 March. Buyers are currently opposing sellers and the price is pulling back.
Crypto is currently trading between 9-period and 21-period EMAs as an indication of an increase in the buyers’ momentum. The cryptocurrency may reach levels of $134 and $124 if it can successfully go below $144. If the $144 support level holds, the price might increase to the $152, $168, and $185 resistance levels. The Relative Strength Index’s period 14 signal line is pointing upward at level 47, signaling a buy.
XMRUSD Price Medium-term Trend: Bullish
Monero is bullish on the 4-hour chart. The sellers prevailed over the buyers after the range movement of cryptocurrency between $152 and $168 three weeks ago. The price was reduced to the support level of $134 after passing through the $152 and $144 levels. The bulls could not permit further decrease. Currently, XMR is increasing toward the resistance level of $152.
Monero is trading above the dynamic support levels, indicating a bullish movement. The Relative Strength Index is leaning upward at 60, signaling a buy.
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