Monero Technical Analysis – Bearish Trend Continues – 10/07/18

Published: Jul 10, 2018, 05:28 UTC•2min read

Monero’s XMR was back in the red in the early hours, tracking the broader market, with investors needing to shake off Monday’s late sell-off to support a run at major resistance levels later in the day.

Key Highlights

Monero’s XMR slipped by 1.21% on Monday, partially reversing Sunday’s 1.72% gain, to end the day at $135.14.
A start of the day intraday high $141.07 saw Monero’s XMR break through the day’s first major resistance level at $140.71 before pulling back to sub-$137 levels.
Monero’s XMR recovered in the mid-afternoon to an afternoon high $139.59, bucking the trend across the broader market through much of the day, before a late in the day sell-off saw Monero’s XMR fall to an intraday low $134.67 that left the first major support level at $133.26 untested.

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Monero’s XMR Price Resistance

Monero’s XMR slipped by 1.21% on Monday, partially reversing Sunday’s 1.72% gain, to end the day at $135.14.

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Bucking the broader market trend from the start of the day, Monero’s XMR moved through the day’s first major resistance level at $140.71 to an intraday high $141.07 before sliding through the morning to a morning low $135.53, Monero’s XMR holding above the day’s first major support level at $133.26.

Monero’s XMR managed to recover through the afternoon to $139 levels before a broad based cryptomarket sell-off kicked in that saw Monero’s XMR slide to an intraday low $134.67, the late in the day move again leaving the day’s first major support level at $133.26 untested.

While the losses were relatively minor, Monero’s XMR continued to fall well short of the 23.6% FIB Retracement Level of $152, supporting the extended bearish trend formed at 24^th April’s swing hi $298 in spite of a recovery from 22^nd June’s swing lo $106.42.

At the time of writing, Monero’s XMR was down 1.06% to $133.71, recovering from an early slide to a morning low $132.81 that called on support at the day’s first major support level at $132.85 before moving back through to $133 levels.

For the day ahead, a move through to $136.96 would support a run at the day’s first major resistance level at $139.25 to bring $140 levels back into play, though for a break out from the first major resistance level, sentiment across the broader market will need to improve, consecutive days of reversals late in the day pinning back Monero’s XMR from making a run at the 23.6% FIB Retracement Level of $152.

Failure to move through to $136.96 could see Monero’s XMR pullback through the early afternoon to bring the day’s first major support level at $132.85 into play, with any lingering negative sentiment likely to see Monero’s XMR test the day’s second major support level at $130.56 before any recovery, as the crypto bears continue to weigh on the broader market.