Monero (XMR) Price; Will There Be a Further Price Declination Below $184 Level?

Monero (XMR) Price; Will There Be a Further Price Declination Below $184 Level?

Monero (XMR) Price Analysis: May 23

In case the bears maintain their momentum, $184 support level will be penetrated down side, and Monero will reduce towards $161 and $136 levels. Failure to break down the $184 level, the price may bounce towards the $217, $244 and $273 resistance levels.

Key Levels:

Resistance Levels: $217, $244, $273

Support Levels: $184, $161, $136

XMRUSD Long-term Trend: Bearish

Monero is bearish on the daily chart. The high of $511 was reached by the bulls’ pressure on May 10. The bullish momentum failed with the formation of Evening star candle pattern. The price falls towards the support level of $161 after it breaks down the former support levels of $322, $281 and $244 levels. The price bounces and retest the $281 price level before it continues declining. At the moment, the price is breaking down $184 level.

Monero Daily chart, May 23

Monero price breaks down the dynamic support level and It is trading below the 9 periods EMA and 21 periods EMA at a distance as a sign of strong bearish movement.   In case the bears maintain their momentum, $184 support level will be penetrated down side, and Monero will reduce towards $161 and $136 levels. Failure to break down the $184 level, the price may bounce towards the $217, $244 and $273 resistance levels. However, the relative strength index period 14 is at 25 levels with the signal line pointing down to indicate sell signal.

XMRUSD Price Medium-term Trend: Bearish

Monero is on the bearish movement on 4-Hour chart. The sellers’ pressure increases daily and the price is reducing accordingly. The bearish momentum pushes the price to the support level of $184 and bounces up towards the $322 resistance level. A bearish engulfing candle formed and the price is currently breaking the support level of $184.

Monero 4 hour chart, May 23

 

The price is trading below the two EMAs with the 9-day EMA below the 21-day EMA which indicate a bearish movement. The relative strength index is at 25 levels pointing down to indicate sell signal.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.