Monero (XMR) Price: When Will There Be a Breakout?

Monero (XMR) Price: When Will There Be a Breakout?

Monero (XMR) Price Analysis: June 20

In case the bears increase their momentum, the support level of $244 may be penetrated downside, which may decrease the price to low of $189 and $161. When there is a breakout at $281 resistance level, Monero price will increase towards $322and $361 levels. Key Levels:

Resistance Levels: $281, $322, $361

Support Levels: $244, $189, $161

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. The bulls are yet to push the price above the resistance level of $322. The bears rejected further price increase at resistance level of $322.  The bearish momentum pushes XMR towards the $189 last week but the bulls interrupts the downward movement. The price retraced back towards the support level of $244. The ranging movement continues within $281 and $244 levels.

Monero Daily chart, June 20

Monero price is hovering over the 9 periods EMA and 21 periods EMA as a sign of low bearish and bullish momentum.   In case the bears increase their momentum, the support level of $244 may be penetrated downside, which may decrease the price to low of $189 and $161. When there is a breakout at $281 resistance level, Monero price will increase towards $322and $361 levels. However, the relative strength index period 14 is at 45 levels with the signal line displaying no specific direction.

XMRUSD Price Medium-term Trend: Ranging

Monero is on the ranging movement on 4-Hour chart. The sellers’ pressure is yet to break down the $244 support level. Likewise, the bulls’ pressure could not break up the $281 resistance level. Ranging movement continues as it was predicted last week.

Monero 44 hour chart, June 20

The price is hovering over and around the two EMAs with the 9-day EMA interlocked with the 21-day EMA which indicate that consolidation is in progress. The relative strength index is at 45 levels pointing up to indicate buy signal.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.