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

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


 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. .

You can purchase Lucky Block here.  Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.