Monero price analysis: bulls defend $135 as the price recovers towards $145

TL;DR Breakdown

  • Monero price analysis suggests an upwards movement to $145.00
  • The closest support level lies at 135.00
  • XMR faces resistance at $140.00

The Monero price analysis shows that the XMR price action has found support at the $135.00 mark. Currently, the price action has risen to the $138.00 level and seems to be recovering further. 

The broader cryptocurrency market observed a negative market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include BNB and XRP recording a 9.56 and an 8.53 percent decline respectively. 

Monero price analysis: XMR falls to $135

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Technical indicators for XMR/USDT by Tradingview

The MACD is currently bearish as expressed in the red colour of the histogram. Moreover, the indicator shows strong momentum at the press time as observed in the steep depth of the histogram. On the other hand, the lighter shade of the indicator suggests an increasing bearish momentum as the price bounces back at the $135.00 support level. 

The EMAs are trading below the mean position as net price movement over the last ten days remains strongly negative. Currently, the EMAs are trading far from each other showing strong bearish momentum at press time. On the other hand, the converging EMAs suggest a slowly decreasing bearish momentum.

The RSI dipped into the oversold region today as selling pressure escalated in the morning causing a steep price drop to the $135.0 mark. At press time, the indicator trades close to the oversold line at the 36.65 index level as the price suggests strong bearish dominance with the upwards slope suggesting an increasing bullish pressure at the current price level.

The Bollinger Bands are currently wide as the price action observes high volatility across the short-term charts. However, as the price moves up from the $135.00 mark, the bands will show further divergence. At press time, the bands’ lower limit provides support at the $135.6 mark while the upper limit presents a resistance level at the $147.4 mark. 

Technical analyses for XMR/USDT

Overall, the 4-hour Monero price analysis issues a strong sell signal at press time with 15 indicators supporting the bears. On the other hand, only two of the indicators support the bulls showing little to no bullish presence. At the same time, nine indicators sit on the fence and support neither side of the market. 

The 24-hour Monero price analysis also shares this sentiment and issues a sell signal with 15 indicators supporting the bears against only one supporting the bulls. The analysis shows bearish dominance across the mid-term charts with a low bullish presence at the current price level. Meanwhile, the remaining nine indicators remain neutral and do not issue any signals at press time.

What to expect from Monero price analysis?

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4-hour price chart by Tradingview

The Monero price analysis shows that the Monero market is currently in a bearish rally as the price action observed a breakdown from the $164.00 mark to the $128.00 price level. However, the bulls made some recovery and the price has risen back to the $138.0 mark.

Traders should expect XMR to observe upward movement from the current price level before the price action finds strong bearish resistance. The suggestion is reinforced by the drift between the short and medium-term charts that suggest bullish and bearish trends respectively. The price can be expected to move upwards to the $145.00 mark.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Bilal Ahmed

Written by Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.