Monero (XMR) Price Tested Potential Bullish Reversal Level at $124

Updated:

Monero (XMR) Price Analysis: June 26

When the bulls defend the support level of $124, there may be an increase towards the resistance level of $142, $167 and $185. In case the support level of $124 does not hold, the price may decrease towards the support levels of $111, and $108.

Key Levels:

Resistance Levels: $142, $167, $185

Support Levels: $124, $111, $108

XMRUSD Long-term Trend: Bullish

Monero is bullish on the daily chart. The bearish movement pushed the price to the support level of $108 from the high of $203 which commenced on May 30 with the formation of double top chart pattern. Price decline to the support level of $142 and penetrate the mentioned support level. Bearish engulfing candle formed which increased the bears’ momentum. This scenario triggered sellers’ pressure and the price broke down the support levels of $124. The support level of $111 is tested. Before last week market closed, bulls opposed the $124 level and it is gradually increasing.

Monero price is trading between the 9 periods EMA and 21 periods EMA as a sign of bullish momentum.   When the bulls defend the support level of $124, there may be an increase towards the resistance level of $142, $167 and $185. In case the support level of $124 does not hold, the price may decrease towards the support levels of $111, and $108. However, the relative strength index period 14 is at 43 levels with the signal line displaying bullish direction.

XMRUSD Price Medium-term Trend: Bullish

Monero is on the bullish movement on daily chart. The bears’ momentum failed at the support level of $108 after the formation of an inverted head and shoulder chart pattern. The price could not break down the mentioned level. It started increasing by penetrating the resistance levels of $127 and $130. The price level of $142 is the target.

The price is trading slightly above the 9-day EMA and the 21-day EMA which indicate that bulls may take over Monero market soon. The relative strength index is at 61 levels pointing up to indicate buy 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.