Monero (XMR) Price: Who Will Prevail in This Price Battle?

31 October 2021 | Updated: 31 October 2021

Monero (XMR) Price Analysis: October 31

When there is a breakout at the resistance level of $279, bulls will push the coin towards the price level of the $279 and may extend to $361 resistance level only if $322 is penetrated. On the other hand, the breakdown of the $244 support level will decrease the price towards $216 and $189 levels.

Key Levels:

Resistance Levels: $281, $322, $361

Support Levels: $244, $216, $189

XMRUSD Long-term Trend: Ranging

On the daily chart, XMRUSD is on the ranging movement. The bulls were trying to break up the resistance level of $281 but bears are opposing the movement. Bears were equally pressing hard on the support level at $244, the bulls are defending the level. The price resulted to ranging movement within $281 resistance level and $244 support level. The war between the bulls and the bears may continue until there is a breakout.

XMRUSD Daily chart, October 31

The two EMAs are interlocked and Monero is trading around the 9-day EMA and the 21-day EMA on the daily chart. When there is a breakout at the resistance level of $279, bulls will push the coin towards the price level of the $279 and may extend to $361 resistance level only if $322 is penetrated. On the other hand, the breakdown of the $244 support level will decrease the price towards $216 and $189 levels.

XMRUSD Price Medium-term Trend: Ranging

Monero is ranging on 4-Hour chart. The support level of $244 was tested on October 20. The bulls opposed further decrease in price and a big bullish candle emerges that pushed the price to the resistance level of $281. An increase in the bulls’ momentum can push the price to $322 price level. Price may increase further.

XMRUSD 4-hour chart, October 31

Monero is trading above the two EMAs, which indicate that bulls’ momentum is increasing. The relative strength index is at 60 levels with the signal line displaying bullish direction.

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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.