Monero (XMR) Price: Will There Be a Bearish Movement Continuation?

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 Weak bearish and bullish momentum in Monero market

Monero (XMR) Price Analysis: October 09

When the buyer increase their momentum, the resistance level of $152 may be broken upside, which may extend bullish trend to the high of $165 and $185 levels. In case there is an increase in the bears’ pressure, $144 support level may be broken downside, Monero price may decrease to $134 and $124 levels.

Key Levels:

Resistance Levels: $152, $165, $185

Support Levels: $144, $134, $124

XMRUSD Long-term Trend: Bullish

Monero is bullish on the daily chart. Last week, sellers dominated Monero market, the former support level of $144 is penetrated downside. The crypto touched the support level of $134 twice which indicate that buyers’ momentum may increase soon and price may soar to the north. The momentum of sellers and buyers seems to be equal. This is what cause a ranging movement between $152 and $144 levels. At the moment, Monero is trying to break up the resistance level of $152.

Monero price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish movement in the Monero market. When the buyer increase their momentum, the resistance level of $152 may be broken upside, which may extend bullish trend to the high of $165 and $185 levels. In case there is an increase in the bears’ pressure, $144 support level may be broken downside, Monero price may decrease to $134 and $124 levels. However, the relative strength index period 14 is at 50 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. Bulls are yet to acquire enough momentum to break up resistance level of $152. The pressure of the sellers remain low and mot enough to penetrate the support level of $144. The ranging movement may continue until there is an increase in market volatility.

The price is trading around the two EMAs with the 9-day EMA interlocked to 21-day EMA which indicate that ranging movement is in progress. The relative strength index is at 51 levels pointing down to indicate sell 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.