It's been a bullish start to the day, with a trend bucking 1.75% gain, though holding on could be an issue if sentiment across the market fails to improve.
Monero’s XMR slid by 2.33% on Thursday, following on from a 1.66% fall on Wednesday, to end the day at $102.15.
Tracking the broader market, Monero’s XMR broke through the day’s first major resistance level at $105.52, with a bullish start to the day seeing Monero’s XMR strike an intraday high $105.8 before succumbing to market forces and a broad based market reversal.
The day reversal saw Monero’s XMR fall through the first major support level at $103.65 and second major support level at $102.7 to call on support at the day’s third major support level at $100.83, with a late in the day intraday low $100.8 before steadying.
Support in the final hours eased some of the pain, with Monero’s XMR recovering to $102 by the day’s end.
Wednesday and Thursday’s losses reaffirmed the extended bearish trend formed at late April’s swing hi $298, with Monero’s XMR continuing to fall short of the 23.6% FIB Retracement Level of $130.
At the time of writing, Monero’s XMR bucked the trend across the broader market, rising by 1.75% to $103.74, a bullish start to the day seeing Monero’s XMR rally from a start of a day morning low $102.13 to an early morning high $104.22 before easing back, the moves through the early morning leaving the day’s major support and resistance levels untested.
For the day ahead, a move back through to $104 levels would support another run at $105 levels to bring the day’s first major resistance level at $105.03 into play, though for Monero’s XMR to hold on to the early gains and take a run at the major resistance levels, sentiment across the broader market will need to improve through the morning.
Failure to move back through to $104 levels could see Monero’s XMR begin to give up gains from the early morning, with a pullback through to the morning low $102.13 bringing $100 levels and the day’s first major support level at $100.03 into play, any more material losses to test sub-$100 support levels unlikely, barring particularly negative news hitting the news wires.
Major Support Level: $100.03
Major Resistance Level: $105.03
Fib 23.6% Retracement Level: $130
Fib 38% Retracement Level: $162
Fib 62% Retracement Level: $214
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.