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

By:
Bob Mason
Published: Apr 17, 2018, 07:52 UTC

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.

monero crypto

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 2nd 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.

How to Buy Monero: The Complete Guide


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.

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 6th 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 6th 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
Monero 1H Chart

Looking at the Technical Indicators

  • Major Support Level: $187.02
  • Major Resistance Level: $202.22
  • Fib 23.6% Retracement Level: $194.6
  • Fib 38% Retracement Level: $188.2
  • Fib 62% Retracement Level: $177.9

About the Author

Bob Masonauthor

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.

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