Monero (XMR) Price Tests $142 Support Level and Pulls Back

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Monero (XMR) Price Analysis: August 21

When the bulls exert more pressure, the resistance level of $169 may be broken upside, the price may increase to $185 and $203 resistance levels. In case the bears penetrate $142 price level, it may decline towards the support levels of $124, and $108.

Key Levels:

Resistance Levels: $169, $185, $203

Support Levels: $142, $124, $108

XMRUSD Long-term Trend: Bullish

On the daily chart, Monero is bullish. Last two weeks, Buyers dominated Monero market since June 18 from the support level of $108. The price was increasing with pressure from the bulls. The price broke up the resistance levels of $124 and $142. Last week, the price tested the resistance level of $169 and commences consolidation around the level. The price pulled back and retested the support level of $142. Bulls are returning in to the market today.

Monero price is trading slightly below the 9 periods EMA and 21 periods EMA as a sign of bullish market. When the bulls exert more pressure, the resistance level of $169 may be broken upside, the price may increase to $185 and $203 resistance levels. In case the bears penetrate $142 price level, it may decline towards the support levels of $124, and $108.  The relative strength index period 14 is at 49 levels with the signal line pointing up displaying a bullish direction.

XMRUSD Price Medium-term Trend: Bullish

Monero is on the bullish movement on 4-hour chart.  The resistance level of $124 was broken upside with the momentum of the bulls. The price is increased to break up the resistance level of $142. The price increase to $169 resistance level. It pulled back and retest the $142 support level. At the moment, the price is increasing.

The price is trading above the 9-day EMA and the 21-day EMA which indicate an increase in the bulls’ momentum. The relative strength index periods 14 is at 54 levels pointing up to indicate buy signal which may be a pullback.

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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.