Resistance Level of $165 May Be Tested

Monero May may break out soon

Monero (XMR) Price Analysis: October 08

When the bulls increase their momentum, the resistance level of $152 may be penetrated upside, which may increase Monero to high of $165 and $185 levels. When there is a breakout at $144 support level, Monero price will decrease towards $134 and $124 levels.

Resistance Levels: $152, $165, $185

Support Levels: $144, $134, $124

XMRUSD Long-term Trend: Bullish

Monero is bullish on the daily chart. The bearish trend that commenced three weeks ago has placed the price at the support level of $134. The level was tested twice within three weeks and this indicate that bears’ pressure could not withstand the barrier at the mentioned level. The price is facing the north at the moment. The $144 resistance level is penetrated upside, it is testing $152 resistance level.

Monero price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish momentum.   When the bulls increase their momentum, the resistance level of $152 may be penetrated upside, which may increase the price to high of $165 and $185 levels. When there is a breakout at $144 support level, Monero price will decrease towards $134 and $124 levels. However, the relative strength index period 14 is below 51 levels with the signal line displaying buy signal.

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XMRUSD Price Medium-term Trend: Ranging

Monero is on the ranging movement on 4-Hour chart. XRP was rejected at the resistance level of $165 three weeks ago. It decreased and found support level at $134. Buyers defend just mentioned level and this prevents further price decrease. Buyers gained more pressure and push the price to test $152 level. Thus, price is ranging within $134 and $152 levels.

The price is trading around the two EMAs in which the 9-day EMA is interlocked with the 21-day EMA which indicate that ranging movement is ongoing in monero market. The relative strength index is at 54 levels pointing down to indicate sell signal.

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