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Monero May decrease further
Monero (XMR) Price Analysis: September 08
In case the bears increase their momentum, the support level of $142 may be penetrated downside, which may decrease the price to low of $124 and $108 levels. When there is a breakout at $169 resistance level, Monero price will increase towards $185 and $203 levels.
Resistance Levels: $169, $185, $203
Support Levels: $142, $124, $108
XMRUSD Long-term Trend: Bearish
Monero is bearish on the daily chart. Three weeks ago, the price was increasing towards the resistance level of $169. There was a bullish breakout at $142 level. The bullish momentum pushes XMR to test the $169 but the bears interrupt the upward movement. The price retraced back towards the support level of $142. The bearish movement continues and the price is trying to break down $142 price level.
Monero price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish momentum. In case the bears increase their momentum, the support level of $142 may be penetrated downside, which may decrease the price to low of $124 and $108 levels. When there is a breakout at $169 resistance level, Monero price will increase towards $185 and $203 levels. However, the relative strength index period 14 is below 50 levels with the signal line displaying sell signal.
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XMRUSD Price Medium-term Trend: Bearish
Monero is on the bearish movement on 4-Hour chart. The buyers’ pressure pushed price to resistance level at $169. It bounces off the mentioned and falls towards the $142 support level. The pressure is pushing the price to break down the $142 support level. Bearish movement may continue incase sellers’ momentum increases.
The price is trading below the two EMAs with the 9-day EMA below the 21-day EMA which indicate that bearish movement is in progress. The relative strength index is at 44 levels pointing down to indicate sell signal.
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