Monero Technical Analysis – Resistance Levels in Play – 09/07/19
Key Highlights
- Monero’s XMR slid by 5% on Monday. Partially reversing a 14.2% rally from Sunday, Monero’s XMR ended the day at $101.95.
- A late morning intraday high $107.66 saw Monero’s XMR fall short of the first major resistance level at $112.25.
- A late intraday low $100.84 saw Monero’s XMR steer clear of the first major support level at $97.90.
- The extended bearish trend, formed at late April 2018’s swing hi $298, remained firmly intact. While holding above the 23.6% FIB of $99, Monero’s XMR continued to fall short of the 38.2% FIB of $137.
Monero’s XMR Price Support
Monero’s XMR slid by 5% on Monday. Partially reversing a 14.22% rally from Sunday, Monero’s XMR ended the day at $101.95.
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A choppy start to the day saw Monero’s XMR fall from $107 levels to $104 levels before striking a late morning intraday high $107.66.
Falling short of the first major resistance level at $112.25, Monero’s XMR slid to a late morning low $101.08.
A bounce back to $105 levels was short-lived, with Monero’s XMR sliding to a late intraday low $100.84.
In spite of the pullback, Monero’s XMR held above the 23.6% FIB of $99 and the first major support level at $97.90.
For Monero’s XMR, the extended bearish trend formed at late April 2018’s swing hi $298 remained intact. While holding above the 23.6% FIB of $99, Monero’s XMR continued to fall well short of the 38.2% FIB of $137 to reaffirm the extended bearish trend, following 15th December’s swing lo $37.18.
For the bulls, a move back through to $115 levels would be needed to support a run at $140 levels. A move through the 38.2% FIB would see Monero’s XMR form a near-term bullish trend.
At the time of writing, Monero’s XMR was up by 0.77% to $102.73. Tracking the broader market, Monero’s XMR moved from a morning low $101.39 to a high $103.00 before easing back.
Monero’s XMR left the major support and resistance levels untested early on.
For the day ahead
A move back through the morning high $103.0 to $103.6 levels would support another run at the first major resistance level at $106.13.
Monero’s XMR would need the support of the broader market, however, to break out from $103.6 levels.
In the event of a broad-based crypto rally, Monero’s XMR could take a run at the second major resistance level at $110.3.
Barring a broad-based crypto rally, the first major resistance level and Monday’s high $107.66 would likely limit any upside on the day.
Failure to move back through the morning high to $103.6 levels could see Monero’s XMR hit reverse.
A fall through the morning low $101.39 would bring the first major support level at $99.31 and the 23.6% FIB of $99 into play.
Barring a broad-based crypto sell-off on the day, Monero’s XMR should steer clear of the second major support level at $96.66.
Looking at the Technical Indicators
Major Support Level: $99.31
Major Resistance Level: $106.13
23.6% FIB Retracement Level: $99
38.2% FIB Retracement Level: $137
62% FIB Retracement Level: $198
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Thanks, Bob