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

Azeez Mustapha
12 September 2021 | Updated: 12 September 2021

Monero (XMR) Price Analysis: September 12

When the bears successfully push the coin below $244 level, it may expose the price to the support levels of $189 and $161. Above the current price are the resistance level of $281, further decrease may push the price down to the support levels of $281, and $322 and $361 price levels.

Key Levels:

Resistance Levels: $281, $322, $361

Support Levels: $244, $189, $161

XMRUSD Long-term Trend: Bearish

On the daily chart, XMRUSD is on the bearish movement. The Crypto was on the bullish trend last week. The bullish pressure pushed the price to test the resistance level of $322. The level was tested twice by the bull but it was defended by the bears. On September 07, the bears gained more pressure with the formation of strong bearish candle which penetrated $281 level downside and it decreases towards the $244 support level.

XMRUSD daily chart, September 12

At the moment, the bears are trying to push the price to break down the support level of $244 as sellers are exerting pressure on the Monero market. The price is trading below the 9-day EMA and the 21-day EMA on the daily chart. When the bears successfully push the coin below $244 level, it may expose the price to the support levels of $189 and $161. Above the current price are the resistance level of $281, further decrease may push the price down to the support levels of $281, and $322 and $361 price levels.

XMRUSD Price Medium-term Trend: Bearish

Monero is bearish on 4-Hour chart. The Crypto increases and it touches the resistance level of $322 on August 23. It pulled back to retest the support level of $281, on September 06, the price touched the previous high at $322. The bullish pressure could not break up the level. The Sellers increase their pressure and the price finds support at $244 at the moment.

Monero 4- hour chart, September 12

Monero is trading below the two EMAs, which indicate that bears’ momentum is increasing. The relative strength is at 40 levels with the signal line pointing down to indicate sell signal

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Azeez Mustapha

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.