Price of Monero (XMR) Could Continue to Rise

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More buyers may become active in the Monero market.

Monero (XMR) Price Analysis: 25 December

Monero may rise toward the resistance levels of $165 and $185 if the buyers manage to break through the resistance level of $152. If the $152 resistance level holds, the price may fall into the $144, $134, and $124 support levels.

Key Levels:

Resistance Levels: $144, $152, $165

Support Levels: $134, $124, $115

XMRUSD Long-term Trend: Bullish

On the daily chart, Monero is moving upwards. A significant bearish momentum drove the currency to a low of $115 on November 9. The price rose when the bulls successfully defended the $115 support level, breaking the $124, $134, and $144 resistance levels. On December 13th, the $152 resistance level was put to the test. On a trending market, the price is now pulling back as a phenomena. This new week, the bulls might dominate the Monero market.

The dynamic resistance level is being attempted by the monero price, which may soon begin trading above the 9-period EMA and 21-period EMA. The price may rise toward the resistance levels of $152 and $165 if the buyers manage to break through the resistance level of $144. In case the $144 resistance level is held, the price may fall into the $134, $124, and $115 support levels. The signal line on the relative strength index period 14 is pointing upward and is at 48 levels.

XMRUSD Price Medium-term Trend: Bullish

On the daily chart, Monero is moving upward. When it approached the $115 support level, the downward trend stalled. The price accelerated northward as the bulls got greater traction. The upside has broken through the $144 resistance barrier. On December 13th, the $152 resistance level was tested. The price declined in order to reach the $144 support level. Following the reversal, the bullish movement can continue.

The price is currently slightly above both the 9-day and 21-day exponential moving averages, indicating bullish momentum in Monero market. The relative strength indicator is going up at level 49, which is a buy signal.

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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.