Monero Technical Analysis – Looking for Resistance Levels – 29/05/18

Key Highlights

• Monero’s XMR fell by 9.89% on Monday, following Sunday’s 0.73% gain, to end the day at $149.71.
• A day long sell-off saw Monero’s XMR fall through the day’s first major support level at $160.7 and second major support level at $155.2 to an intraday low and new swing lo $148.31.
• An early morning intraday high $168.09 saw Monero’s XMR fall short of the day’s first major resistance level at $171.4 and well short of the 23.6% FIB Retracement Level of $193.

How to Buy Monero’s XMR

Monero’s XMR Price Resistance

Monero’s XMR slid by 9.89% on Monday, following last week’s 18.4% fall, to end the day at $149.71.

Moves through the start of the day saw Monero’s XMR move through to an intraday high $168.09, falling short of the day’s first major resistance level at $171.4 and well short of the 23.6% FIB Retracement Level of $193, before a cryptomarket wide sell-off kicked in.

Monero’s XMR tumbled to a morning low $154.87, falling through the day’s first major support level at $160.7 and second major support level at $155.23 before support kicked in, though the negative sentiment across the market failed to support a break back through the day’s major support levels, leading to an afternoon sell-off.

The afternoon saw Monero’s XMR slide back through the day’s second major support level to an intraday low and new swing lo $148.31 before recovering to $149 levels by the day’s end, the only good news being a hold above the day’s third major support level at $144.5 through the day.

At the time of writing, Monero’s XMR was up 2.87% to $153.18, recovering from an early morning dip to a day low $145.81, the morning’s low holding well above the day’s first major support level at $142.65, while Monero’s XMR looks to target the day’s first major resistance level at $162.43, with an early bounce through to $153 levels.

For the day ahead, a move through $155.37 would support a run at the day’s first major resistance level at $162.43, while the 23.6% FIB Retracement Level of $184 continues to be out of reach, with this morning’s $145.81 low yet another new swing lo in the extended bearish trend formed in late April.

Failure to move through to $155 levels could see Monero’s XMR reverse gains from the morning, with a pullback through to $151 levels likely to bring sub-$150 levels into play later in the day, though the day’s first major support level at $142.65 should be left untested barring materially bad news hitting the wires.

While we will expect support levels to be untested in the day ahead, Monero’s XMR will likely see gains capped, investors continue locking in profits ahead of key resistance levels.

Looking at the Technical Indicators

Major Support Level: $142.65

Major Resistance Level: $162.43

Fib 23.6% Retracement Level: $184

Fib 38% Retracement Level: $206

Fib 62% Retracement Level: $241