Monero (XMR) Price: Support Level of $136 Holds, Bullish Trend Triggers

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Monero (XMR) Price Analysis: February 06

Should the resistance level of $179 is penetrated, the price will increase towards the resistance levels of $220 and $249. When the bears interrupt the price increase, there may be a decrease towards the support level of $161, $136 and $111.

Key Levels:

Resistance Levels: $179, $220, $249

Support Levels: $161, $136, $111

XMRUSD Long-term Trend: Bullish

Monero is bullish on the daily chart. The coin was on the ranging movement last week as the bullish momentum could not break up the resistance level of $220 after the price retracement. A Bearish engulfing candle formed at $220 level and the price decline to find support at $136 price level. The sellers’ pressure became weak, likewise the bulls’ momentum could not push up the price. This scenario led to the price consolidation last week.

On February 04, the bulls gained more pressure and bullish engulfing candle emerged which increases the price to break up $169 level.  Monero price is trading above the 9 periods EMA and the 21 periods EMA as an indication that bulls are taken over the Monero market. Should the resistance level of $179 is penetrated, the price will increase towards the resistance levels of $220 and $249. When the bears interrupt the price increase, there may be a decrease towards the support level of $161, $136 and $111. However, the relative strength index period 14 is at 50 levels with the signal line displaying bullish direction.

XMRUSD Price Medium-term Trend: Bullish

Monero is on the bullish movement on daily chart. The price was ranging within the $161 and $136 price levels last week. The bulls eventually prevailed and the resistance level of $161 was penetrated upside inclining towards the resistance level of $179. Further price increase envisaged.

The price is trading above the 9-day EMA and the 21-day EMA which indicate a bullish movement. The relative strength index is above 60 levels pointing up to indicate buy signal which is the beginning of bullish trend.

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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.