A bullish start to the day sees a visit to $48 levels, bringing $50 levels into play, though a hold onto $47 levels through the morning is needed.
Monero’s XMR gained 7.24% on Tuesday, following on from an 11.79% rally on Monday, to end the day at $46.37.
A mixed start to the day saw Monero’s XMR pullback from a morning high $44.77 to a late morning intraday low $42.28 before finding support from the broader market, the day’s major support and resistance levels left untested early on.
Tracking the broader market, Monero’s XMR moved back through to $44 levels in the early afternoon ahead of a broad based cryptomarket rally that drove Monero’s XMR through the day’s first major resistance level at $45.91 to an intraday high $47.71 before easing back to $46 levels by the day’s end.
For Monero’s XMR, a 2nd consecutive day of solid gains eased the pain, but was not enough to begin a near-term bullish trend, with the extended bearish trend formed at late April’s swing hi $298 remaining firmly intact, Monero’s XMR continuing to fall well short of the 23.6% FIB Retracement Level of $99 following last week’s new swing lo $37.18.
At the time of writing, Monero’s XMR was up 2.09% to $47.34, with Tuesday’s late in the day bounce continuing into the early hours, Monero’s XMR rising from a start of a day morning low $45.44 to a morning high $48.2 before easing back, the day’s major support and resistance levels left untested early on.
For the day ahead, a move back through the morning high $48.2 would give Monero’s XMR another run at the first major resistance level at $48.63 to bring $50 levels into play, though support would be needed from the broader market for Monero’s XMR to breakout from the first major resistance level later in the day to take a run at the second major resistance level at $50.88.
Failure to move back through the morning high $48.2 could see Monero’s XMR ease back through the morning low $45.44 to bring $44 levels and the day’s first major support level at $43.20 into play before any recovery, heavier losses not expected on the day barring a broad based crypto reversal.
Major Support Level: $43.20
Major Resistance Level: $48.63
Fib 23.6% Retracement Level: $99
Fib 38% Retracement Level: $137
Fib 62% Retracement Level: $198
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.