Price of Monero (XMR) can increase further

Monero market may see an increase of buyers

Monero (XMR) Price Analysis: 01 January

In case buyers are successful in pushing the price past the $152 resistance level, Monero may move upward into the $165 and $185 resistance levels. The price may fall into the $144, $134, and $124 support levels should $152 resistance level holds.

Key Levels:

Resistance Levels: $152, $165, $185

Support Levels: $144, $134, $124

XMRUSD Long-term Trend: Bullish

Monero is advancing on the daily chart. On November 9, the currency hit a low of $115 due to a strong bearish trend. After the bulls successfully held the $115 support level and broke the $124, $134, and $144 resistance levels. The $152 resistance level was tested on December 13 and pulled back to retest the support level of $146. The Monero market may be dominated by bulls this upcoming week.

Monero price is attempting the dynamic resistance level and may soon start trading above the 9-period EMA and 21-period EMA. In case buyers are successful in pushing price past the $152 resistance level, the price may move upward into the $165 and $185 resistance levels. The price may fall into the $144, $134, and $124 support levels should $152 resistance level holds. The relative strength index period 14 signal line is at 57 levels and is pointing up.

XMRUSD Price Medium-term Trend: Bullish

Monero is rising on the 4-hour chart. The downward trend stopped as it reached the $115 support level. As the bulls gained more momentum, the price moved further north. The resistance level of $144 has been overcome on the upside. The price is currently facing $152 resistance level.

Indicating bullish momentum in the Monero market, the price is currently marginally above both the 9-day and 21-day exponential moving averages. At level 67, the Relative Strength Index is rising, signaling a buy.

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