Monero Weekly Price Analysis – October 17
In case the support level of $119 level holds, it will continue the bullish trend to $136 and $143 provided the $126 level does not hold. Should the bears push the price below the $119 level, the support level of $111 and $97 may be reached.
Resistance Levels: $126, $136, $145,
Support Levels: $119, $111, $97
XMR/USD Price Long-term Trend: Bullish
XMR/USD is under the control of strong bullish pressure. The coin was ranging within the resistance level of $97 and a support level of $88 in September. On October 01, the bulls increased their momentum, and XMR price rallies to the north with massive strong bullish candles which broke resistance levels of $11, $119, and $126. The Uptrend movement has placed the price at the $136 price level.
The resistance level of $126 holds the price and XMR price is pulling back, retesting the $119 price level. The coin is trading between $119 and $111 price level. In case the support level of $119 level holds, it will continue the bullish trend to $136 and $143 provided the $126 level does not hold. Should the bears push the price below the $119 level, the support level of $111 and $97 may be reached. The 9-day EMA is above the 21-day EMA with the coin in between on the daily chart. The RSI is bending up to indicate a buy signal.
XMR/USD Price Medium-term Trend: Bullish
The coin is bullish in its short-term outlook. The bulls hold the Monero market for more than two weeks. The buyers have pushed up the price to test the resistance level of $136 three times; the level still holds the price.
It seems the bullish pressure is getting weak and the price is reversing.
The price is trading below 9-day EMA and 21-day EMA, which indicates that there is a probability for the price to reverse at $136 price level. The relative strength index period 14 is at 40 levels bending down which connotes sell signal.