Key Highlights
- Monero rallied 6.68% on Wednesday, reversing Tuesday’s 4.67% slide.
- A move from mid-Tuesday’s swing lo $182.79 through to Wednesday’s swing hi $205.11 reversed the recent bearish trend in the middle of the week.
- Major resistance levels were tested through the day on Wednesday, while support levels were left untested, supporting the reverse trend.
- Monero outperformed its peers, with many of the crypto majors closing out the day in negative territory on Wednesday.
Monero Price Support
Monero saw a recent bad run come to an end on Wednesday, with Monero’s XMR rising by 6.68%, reversing Tuesday’s 4.67% fall, to end the day at $199.09.
Of greater significance will have been a move back through to $200 levels, with an intraday high $205.11 breaking clear of the day’s 1st major resistance level of $194.64 to test the day’s 2nd resistance level of $202.92.
The break out from the day’s 1st major resistance level supported a run through to the day’s 62% FIB Retracement Level of $202, which ultimately led to a pullback through to $199.09 by the day’s end, though holding above the day’s 38.2% FIB Retracement Level of $194.67 affirmed a reversal of the bearish trend formed at a swing hi $235.96 on 21st March.
A move from Tuesday’s swing lo $182.79 remained intact through Wednesday, supporting the short-term bullish trend formed through to the end of the day.
An intraday low $184.56 held well above the day’s first major support level of $180.43, bucking the trend across other crypto majors that tested support levels on Wednesday, during a late in the day sell-off.
At the time of writing, Monero’s XMR was down 6.04% to $186.42, with any hopes of the bullish trend formed on Tuesday continuing dashed, as the cryptomarkets went into a spin through the early part of this morning.
Monero’s morning high $200.5 was short-lived, as broader market sentiment led to even Monero’s short-term bullish trend reversing in just a matter of hours.
A morning low $185.92 tested the day’s first major support level of $187.4, while Monero’s XRM found more support than most this morning.
For the day ahead, it’s going to be a choppy one, with current valuations likely to draw in the more bullish investor, though few will likely be looking to hold beyond key resistance levels.
A move back through to $190 would support a run at the day’s 23.6% FIB Retracement Level of $200, with any run at the day’s first major resistance level of $208 needing a broad market recovery this afternoon, which certainly looks unlikely at the time of writing.
With the bearish trend resumed, further declines may well be on the cards before a consolidation, bringing the day’s 2nd support level of $175.7 into play.
Looking at the Technical Indicators
- Major Support Level: $187
- Major Resistance Level: $208
- Fib 23.6% Retracement Level: $200
- Fib 38% Retracement Level: $197
- Fib 62% Retracement Level: $191