Monero's XMR sees red early on as the broader market sees red, a BCH bounce back by late morning needed to support the broader market.
Monero’s XMR gained just 0.89% on Tuesday, reversing a 0.37% from Monday, to end the day at $112.84.
A relatively choppy day saw Monero’s XMR rally to a mid-morning intraday high $113.43, with Monero’s XMR coming up against the day’s first major resistance level at $113.41 before pulling back through the late morning and early afternoon to an intraday low $110.23.
Steering clear of the day’s first major support level at $109.50, support from the broader market kicked in late in the day, with Monero’s XMR moving back through to $112 levels and into positive territory by the day’s end.
The minor gains through the day continued to reaffirm the extended bearish trend formed back at late April’s swing hi $298, with Monero’s XMR falling well short of the 23.6% FIB Retracement Level of $130 last breached back in early September.
At the time of writing, Monero’s XMR was down 1.44% to $111.22, with an early morning move seeing Monero’s XMR rally to a morning high $113.5 before hitting reverse to slide to an early morning low $111.18, 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 $112 levels would support an afternoon recovery to bring the morning’s $113.5 high into play, with sentiment across the broader market to dictate whether $114 levels and the day’s first major resistance level at $114.1 will be in play, Bitcoin Cash needing to recover the morning’s losses to drive the broader market later in the day.
Failure to move back through to $112 levels could see Monero’s XMR fall deeper into the red later in the day, with the day’s first major support level at $110.90 very much in play, while we would expect Monero’s XMR to steer clear of sub-$110 levels, barring material negative news hitting the wires.
Major Support Level: $110.90
Major Resistance Level: $114.10
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.