Monero Technical Analysis – Looking at support Levels – 06/06/18

Key Highlights

• Monero’s XMR gained 4.73% on Tuesday, partially reversing Monday’s 5.5% fall, to end the day at $167.23.
• A morning intraday low $156.4 held above the day’s first major support level at $154.3, while pulling back through the 38.2% FIB Retracement Level of $165.47 and 62% FIB Retracement Level of $158.02 before recovering.
• The day’s $169.67 high broke through the day’s first major resistance level at $167.67, whilst also moving back through the 62% FIB Retracement Level of 62% and 38.2% FIB Retracement Level of $165.57.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR gained 4.73% on Tuesday, partially reversing Monday’s 5.5% slide, to end the day at $167.23.

It was a particularly volatile day for Monero’s XMR and the broader cryptomarket, with Monero’s XMR sliding to an intraday low $156.4 in the early hours, with the cryptomarket finding little support at key support levels through the morning.

Monero’s XMR slid through the 38.2% FIB Retracement Level of 165.57 and 62% FIB Retracement Level of $158.02 on the way to the early morning low, while holding above the day’s first major support level at $154.3 before a mid-morning recovery kicked in, coming off the back of a market wide rally.

Moving back through the 62% FIB Retracement Level early supported a run through the 38.2% FIB Retracement Level to an intraday high $169.67 by late afternoon, Monero’s XMR managing to break through the day’s first major resistance level at $167.67 before easing back to $167.23 by the day’s end.

For the bulls, recovering through and holding above the 38.2% FIB Retracement Level would have been key, though for the near-term bullish trend to continue, Monero’s XMR will need to break back through the 23.6% FIB Retracement Level of $170.24.

At the time of writing, Monero’s XMR was down 0.58% to $166.15, with an early dip to an intraday low $164.1 calling on support at the 38.2% FIB Retracement Level of 165.57 to recover to $166 levels.

For the day ahead, a move back through to $167 levels would support a run at $170 levels and the 23.6% FIB Retracement Level of $170.24, which would support a continuation of the near-term bullish trend formed at 29^th May’s swing lo 145.81.

Failure to break back through the 23.6% FIB Retracement Level of $170.24 could see Monero’s XMR come under selling pressure later in the day, with the heightened volatility across the market bringing the day’s first major support level at $159.2 into play.

Holding above the 38.2% FIB Retracement Level of $165.57 will ultimately be key through the morning, with the negative sentiment across the broader market at the time of writing, likely to see a pullback towards $160 levels and the day’s first major support level at $159.2 before any recovery.

Looking at the Technical Indicators

Major Support Level: $159.2

Major Resistance Level: $172.5

Fib 23.6% Retracement Level: $170.24

Fib 38% Retracement Level: $165.57

Fib 62% Retracement Level: $158.02