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

 Ranging movement continues in Monero market

Monero (XMR) Price Analysis: October 21

Should sellers gain more pressure, $134 support level may be penetrated downside, Monero price may reduce to $124 and $115 levels. Inability to break down $134 level may leads to an increase in price through buyers’ pressure, the resistance level of $152 may be broken upside, which may extend bullish trend to the high of $165 level.

Key Levels:

Resistance Levels: $144, $152, $165

Support Levels: $134, $124, $115

XMRUSD Long-term Trend: Ranging

On the daily chart, Monero is ranging. When the support level of $134 was tested on September 21, the sellers lose momentum and the price could not go below the level. The price pulled back towards the resistance level of $144. Buyers struggled to penetrate the resistance level of $144 to $152 but sellers keep on defending the resistance level. The just mentioned scenario made the price continue a ranging movement within the $152 and $134 levels.

Monero price retain its trading over and around the 9 periods EMA and 21 periods EMA as a sign of ranging movement in the Monero market. Should sellers gain more pressure, $134 support level may be penetrated downside, Monero price may reduce to $124 and $115 levels. Inability to break down $134 level may leads to an increase in price through buyers’ pressure, the resistance level of $152 may be broken upside, which may extend bullish trend to the high of $165 level. However, the relative strength index period 14 is at 48 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. Buyers are yet to gain more momentum that will break up the resistance level of $152. Likewise, sellers’ momentum remains weak and the support level of $134 still holds price. Ranging movement may continue until there is a breakout at either $152 resistance level and support level of $134.

 The price is still hovering over the two EMAs with the 9-day EMA remains interlocked to 21-day EMA which indicate that ranging movement is in progress. The relative strength index is at 52 levels displaying no specific direction. .

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