Monero Technical Analysis – Bulls Yield in a Mass Selloff – 29/03/18

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.

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How to Buy Monero: The Complete Guide

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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 1^st major resistance level of $194.64 to test the day’s 2^nd resistance level of $202.92.

The break out from the day’s 1^st 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 21^st 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 2^nd 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