Weak bullish and bearish momentum in XMR market
Monero (XMR) Price Analysis: August 29
In case the bears increase their momentum, the support level of $142 may be penetrated downside, which may extend bearish trend to the low of $124 and $108. When there is a breakup at $169 resistance level, XMR price will increase towards $185 and $203 levels.
Resistance Levels: $169, $185, $203
Support Levels: $142, $124, $108
XMRUSD Long-term Trend: Bearish
On the daily chart, Monero is bearish. Buyers pushed up the price to the resistance level of $169 resistance level. Sellers opposed Buyers at the mentioned level. Sellers pushed down price to $142 level, it pulled back. The bearish momentum pushes XMR towards the $142 level last week, bulls defended the just mentioned support level. The price is struggling to break down the support level of $142 at the moment.
Monero price is trading below the 9 periods EMA and 21 periods EMA at close contact as a sign of low bearish momentum. When the bears increase their momentum, the support level of $142 may be penetrated downside, which may extend bearish trend to the low of $124 and $108. Incase there is a breakup at $169 resistance level, Monero price will increase towards $185 and $203 levels. However, the relative strength index period 14 is at 45 level with the signal line displaying bullish direction.
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XMRUSD Price Medium-term Trend: Bearish, Massive gains on Tamadoge
Monero is on the bearish movement on 4-Hour chart. The bulls’ pressure could not break up the $169 resistance level. The sellers’ pressure is not strong enough to break down the $142 support levels. The bearish movement may continue this week to previous low.
The price is trading around the two EMAs with the 9-day EMA interlock with the 21-day EMA which indicate that ranging movement is in progress. The relative strength index is at 47 levels pointing up to indicate buy signal.
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Source: https://insidebitcoins.com/news/xmr