07.10.2022
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Monero (XMR) Price Tests $167 Resistance Level, Price Decrease Envisaged

Monero (XMR) Price Analysis: August 07

Should the bulls exert more pressure, the resistance level of $185 will be tested, the price may increase to $203 and $204 resistance levels. In case the bears defend the $185 price level, it may decline towards the support level of $167, $142 and $124.

Key Levels:

Resistance Levels: $185, $203, $204

Support Levels: $167, $142, $124

XMRUSD Long-term Trend: Bullish

Monero is bullish on the daily chart. The price bounced up and steadily increasing with pressure from the bulls after the formation of a double bottom chart pattern at the support level of $108. The former resistance level of $124 and $167 is broken upside. Before the end of the last week market, it increased above the $167 level. There is a tendency for the continuation of the price increase next week.

Monero price is trading slightly above the 9 periods EMA and 21 periods EMA as a sign of bullish market. Should the bulls exert more pressure, the resistance level of $185 will be tested, the price may increase to $203 and $204 resistance levels. In case the bears defend the $185 price level, it may decline towards the support level of $167, $142 and $124. The relative strength index period 14 is at 66 levels with the signal line pointing up displaying a bullish direction.

XMRUSD Price Medium-term Trend: Bullish

Monero is on the bullish movement on the 4-hour chart. On July 14, the resistance level of $124 was broken upside with the momentum of the bulls. The price was range-bound within the resistance level of $124 and the support level of $108 before the breakout. More bullish candles were produced and the price gradually broke up to $142 and $167 levels.

The price is trading above the 9-day EMA and the 21-day EMA which indicate a bullish movement. The relative strength index periods 14 is at 61 levels pointing down to indicate sell signal which may be a pullback.

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