Monero Technical Analysis – Bullish Trend to Continue – 17/04/18

Published: Apr 17, 2018, 07:52 UTC•2min read

Monero slid 3.44% on Monday, partially reversing Sunday’s 5.57% rise, to end the day at $194.03. A start of the day move to an early intraday high saw Monero hit a day hi $203.4 before the morning pullback kicked in.

Key Highlights

Monero slipped by 3.44% on Monday, partially reversing Sunday’s 5.57% gain, to end the day at $194.03.
An early intraday high $203.4 fell short of the day’s first major resistance level, while the day’s $188.2 low fell through the 23.6% FIB Retracement Level of $192.15 and first major support level of $192.47.
A 2^nd half of the day recovery saw Monero move back through the 23.6% FIB Retracement Level and first major support level, a market-wide uptick in the afternoon supporting buying appetite.
Major resistance levels were left untested through the day.

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Monero’s Price Support

The broad market reversal saw Monero slide through the morning to an intraday low $188.2, falling through the day’s first major support level of $192.5 and 23.6% FIB Retracement Level of $192.15 to test buying appetite at around the 38.2% FIB Retracement Level of $186.2.

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A pickup in market sentiment and a broad-based recovery supported an afternoon rebound, with Monero managing to break back through the 23.6% FIB Retracement Level of $192.1 and the first major support level of $192.5 by the day’s end.

In spite of the losses for the day, Monero’s near-term bullish trend formed back at 6^th April’s swing lo $161.1 remained intact and was supported by Monero’s Sunday’s new swing hi $205 and Monday’s $203.4 high, though, for the trend to continue, a move back to $200 levels would be needed in middle part of the week.

At the time of writing, Monero was up 0.59% to $195.13, the gains bucking the morning trend across the broader market, with Litecoin the only other major in positive territory early on.

Following a start of the day pullback to a morning low $192.95, buying appetite at the 23.6% FIB Retracement Level of 194.6 has provided much-needed support in the early hours, with Monero managing to avoid the day’s first major support level of $187.02.

A hold at around the 23.6% FIB Retracement Level will be key early on, with some optimism amongst the crypto bulls providing Monero with the much-needed support early on.

For the day ahead, a move through to $197 levels would signal a run at the day’s first major resistance level of $202.22, recovering $200 levels key to support the near-term bullish trend formed back on 6^th April.

Failure to break back through to $200 levels could see investor sentiment tested later in the day, though any reversal should avoid testing sub-$190 support levels, barring a material deterioration in market sentiment later in the day.

Monero 1H Chart