Monero prices over the last seven days were filled with a lot of ups and downs. One of the key levels many watched closely during this period was the $140 support. Since the start of the current week, we observed two attempts at this mark.
The first was on Monday when the asset dipped as low as $141. The downtrend halted at this level as XMR closed with losses of almost 3%. We saw another attempt at the barrier during the previous intraday session.
Like the previous times, it failed to break the support. It is safe to say that there are notable amounts of demand concentration at this level. Something else happened after the failed attempt yesterday.
Monero Sees First Green Following Reds
Since last week Friday, XMR saw minimal trading volume that ended with daily losses or no price changes at all. After defending the highlighted mark, the bulls managed a small rally. In response, the coin saw its first green.
We are also seeing another green candle. Could this be the start of another bullish round? One thing we know is that the entire crypto market is experiencing the most recent improvement.
Monero is no different and may continue to surge based on the sentiment across the industry. Nonetheless, if the market loses momentum, so will XMR. Let’s see what transpires over the next 15 hours.
Key Levels to Watch
Vital Support: $140, $135
Vital Resistance: $150, $160, $170
Before delving into these key levels, it is important to look at the indicators. One such is Moving Average Convergence Divergence. Using the 2-hour chart, we observed that the uptrend is slowing down.
The 12-day EMA seems to have hit a wall and may start retracing. If this happens, XMR may experience a bearish divergence before the end of the current intraday session. More price descent may take place in response to this situation.
Although the asset is exchanging at $145, it may retest $140. Depending on the selling pressure, we may see the mark absorb the force. Nonetheless, we also bear in mind that this barrier is a subject of consistent testing.
Based on previous price movements, we may expect it to linger between $135 and $140 before recovery. If market conditions change, Monero may attempt testing the $150 resistance. This level held out for more than 20 days with brief flips.
It is unlikely that such may take place today, nonetheless, breaking this barrier may open up the $160 resistance a retest.
