Monero under bears’ pressure
Monero (XMR) Price Analysis: 22 November
When the bears increase their momentum, the support level of $124 may be penetrated downside, which may decrease the price to a low of $115 and $108 levels. When there is an interruption from the buyers at the $134 support level, Monero will decrease towards $134 and $144 levels.
Resistance Levels: $134, $144, $152
Support Levels: $124, $115, $108
XMRUSD Long-term Trend: Bearish
Monero is bearish on the daily chart. The bearish trend that commenced on 17 August still continues. It placed the price at the support level of $144 and began a ranging movement within $152 and $134 levels. The ranging movement lasts for more than three weeks. On 08 November, Sellers gained more pressure and push down the price to break the support level of $134. The price declines to the support level of $115 on 09 November. The price is currently pulling back.
Monero price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish momentum. When the bears increase their momentum, the support level of $124 may be penetrated downside, which may decrease the price to a low of $115 and $108 levels. When there is an interruption from the buyers at the $134 support level, Monero’s price will decrease towards $134 and $144 levels. However, the relative strength index period 14 is at 42 levels with the signal line displaying a buy signal.
XMRUSD Price Medium-term Trend: Ranging
Monero is on the ranging movement on the 4-Hour chart. XRP was rejected at the resistance level of $165 three weeks ago. It decreased and found a support level of $115. Buyers defend just mentioned level and this prevents further price decreases. Buyers gained more pressure and push the price to test the $134 level. Thus, the price is ranging within $134 and $124 levels.
The price is trading around the two EMAs in which the 9-day EMA is interlocked with the 21-day EMA which indicates that ranging movement is ongoing in monero market. The relative strength index is at 43 levels pointing up to indicate a buy signal. Buyers are moving away from Monero market but more and more investors are attracted to Dash 2 Trade daily.
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