Monero Technical Analysis – Looking for Early Support – 13/08/18

Key Highlights

• Monero’s XMR fell by 0.15% on Sunday, following Saturday’s 1.54% gain, to end the day at $92.91.
• A start of a day dip to an intraday low $91.41 saw Monero’s XMR steer well clear of the first major support level at $87.1, with Monero’s XMR managing to hold above $93 levels through most of the day.
• Late in the day, a reversal saw Monero’s XMR pullback to $92 levels, with the first major resistance level at $99.02 left untested on the day.
• For the week, Monero’s XMR was left with a 21.1% loss in spite of the weekend gain, the extended bearish trend firmly intact.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR fell by just 0.15% on Sunday, following Saturday’s 1.54% gain, to end the day at $92.91.

For the week, it was a heavy loss, with Monero’s XMR ending the week down 21.1%, the extended bearish trend formed at late April’s swing hi $298 reaffirmed by Saturday’s new swing lo $87.16.

Tracking the broader market, a late Saturday pullback continued into the early hours of Sunday, with Monero’s XMR falling to a start of a day intraday low $91.41 before recovering to a mid-morning intraday high $96.06, the moves through the morning leaving the day’s first major support level at $87.1 and first major resistance level at $99.02 untested.

A relatively range bound 2^nd half of the day saw Monero’s XMR move within some particularly tight ranges before an end of day pullback to $92 levels, $94 levels seeming to be the key resistance level for Monero’s XMR on the day.

For the crypto bulls, avoiding another pullback to sub-$90 levels and Saturday’s swing lo $87.16 will have been the positive, the recent reversal having seen Monero’s XMR hit levels not seen since the late 2017 rally, the week’s sub-$90 lows the first since the first week of November of last year.

At the time of writing, Monero’s XMR was up 0.81% to a morning high $93.86, with a late pullback on Sunday continuing into the early hours of this morning, Monero’s XMR falling to a morning low $91.45 before recovering to $93 levels, the early morning low holding above the first major support level at $90.86.

For the day ahead, a hold above $93.46 would support a run at $94 levels to bring the first major resistance level at $95.51 into play, though sentiment across the broader market will need to improve for Monero’s XMR to break out from $94 levels and avoid a pullback later in the day, investors still quick to lock in profits.

Failure to hold above $93.46 and break back through to $94 levels could see Monero’s XMR pullback through the morning low $91.45 to bring the first major support level at $90.86 into play, though market sentiment would need to material deteriorate for Monero’s XMR to take a tumble later in the day, following last week’s more than 20% fall, to test major support levels on the day.

Looking at the Technical Indicators

Major Support Level: $90.86

Major Resistance Level: $95.51

Fib 23.6% Retracement Level: $137

Fib 38% Retracement Level: $168

Fib 62% Retracement Level: $218