Monero – Guide, Tips & Insights | Learn 2 Trade (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 – Guide, Tips & Insights | Learn 2 Trade 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 – Guide, Tips & Insights | Learn 2 Trade 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 – Guide, Tips & Insights | Learn 2 Trade 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 – Guide, Tips & Insights | Learn 2 Trade market soon. The relative strength index is at 61 levels pointing up to indicate buy signal.
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