Monero Technical Analysis – At New 2018 Lows – 14/06/18

Monero’s XRM was on the move this morning, supported by a broad based market rally, though whether the morning’s momentum can continue into the afternoon remains to be seen, the bears every present in the market.
Bob Mason

Key Highlights

  • Monero’s XMR slipped by 2.63% on Wednesday, following Tuesday’s 9.27% slide, to end the day at $121.61.
  • A late morning slide saw Monero’s XMR tumble to an intraday low and new swing lo $102, with Monero’s XMR falling through the day’s first major support level at $117 and second major support level at $109 before finding support at $100 levels.
  • An intraday high $126 came ahead of the late morning slide, with Monero’s XMR failing to test the day’s first major resistance level at $127.4.

How to Buy Monero’s XMR

Monero’s XMR Price Resistance

Monero’s XMR fell by 2.63% on Wednesday, following Tuesday’s 9.27% fall, to end the day at $121.61.

Following Tuesday’s sell-off, Monero’s XMR had a particularly range bound start to the day on Wednesday that saw Monero XMR’s $126 intraday high and $123.63 morning low steer well clear of the day’s first major resistance level at $135.5 and the day’s first major support level at $116.8.

A broad based market sell-off kicked in however, with negative sentiment towards price manipulation and possible action by regulators weighing, leading to Monero’s XMR to slide through the day’s first major support level at $116.8 and second major support level at $108.7 to an intraday low and new swing lo $102, before rebounding to $121 levels by the day’s end.

While the new swing lo continued to reaffirm the extended bearish trend, the late rebound to $121 levels would certainly have eased the pain for the Monero bulls.

At the time of writing, Monero’s XMR was up 4.12% to $126.8, the upward momentum continuing on from the late recovery on Wednesday, supported by a broad based bounce across the majors through the early hours of the day.

An early morning $133.9 high saw Monero’s XMR break through the day’s first major resistance level at $131 before pulling back, the day’s high falling short of the 23.6% FIB Retracement Level of 149, with the day’s first major support level at $107 remaining untested through the morning.

For the day ahead, a move back through to the morning’s high would support a run at the day’s second major resistance level at $141 to bring the 23.6% FIB Retracement Level of $149 into play, though it would be quite a recovery from Wednesday’s new swing lo and 2018 low $102, one that’s unlikely to materialize in the current environment.

Failure to break through the morning’s high to take a run at $140 levels could see Monero’s XMR take a hit later in the day, bringing the day’s first major support level at $107 into play, while we would expect Monero’s XMR to find sufficient support to avoid testing sub-$100 levels through the day, barring materially negative news hitting the wires.

The bearish trend remains intact and Monero’s XMR will need to break out from the 23.6% FIB Retracement Level of $149 to take a run at the 38.2% FIB Retracement Level of $177 before there can be hope of a near-term bearish trend reversal.

XMR/USD 14/06/18 4-Hourly Chart

Looking at the Technical Indicators

Major Support Level: $107

Major Resistance Level: $131

Fib 23.6% Retracement Level: $149

Fib 38% Retracement Level: $177

Fib 62% Retracement Level: $224

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