Monero (XMR) Price: Resistance Level of $281 Holds, Bearish Pressure Increases

Azeez Mustapha


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Monero (XMR) Price Analysis: October 17

The sellers may push the price down to the support level of $244 in which it may reduce to $189 provided $216 do not hold. In case the support level of $244 holds, bullish movement may continue to $281, $322 and $361 levels.

Key Levels:

Resistance Levels: $281, $322, $361

Support Levels: $244, $216, $189

XMRUSD Long-term Trend: Bearish

On the daily chart, XMRUSD is on the bearish movement. The bulls were not able to push the coin above the resistance level of $281 as speculated last week. The mentioned level holds and the Crypto was consolidating around the mentioned level for more than three days. The bears are gaining more pressure today and it is breaking away from the consolidation zone. The price is currently facing the support level of $244.

XMRUSD Daily chart, October 17

Monero is trading below the 9-day EMA and the 21-day EMA on the daily chart.  The sellers may push the price down to the support level of $244 in which it may reduce to $189 provided $216 do not hold. In case the support level of $244 holds, bullish movement may continue to $281, $322 and $361 levels. Meanwhile, the relative strength index period 14 is above 30 levels pointing down to indicate sell signal.

XMRUSD Price Medium-term Trend: Bearish

Monero is bearish on 4-Hour chart. The resistance level of $281 holds and the bulls could not break up the mentioned level. Buyers tried severally to break it up but their momentum could not withstand the resistance at $281. Sellers are gaining more pressure today and the price is declining at the moment towards $244 support level. Further price declination envisaged and the just mentioned level may be reached.

XMRUSD 4 hour chart, October 17

Monero is trading below the two EMAs, which indicate that bears’ momentum is increasing. The relative strength index is below 50 levels with the signal line displaying bearish direction.

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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.

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