It's been a mixed start to the day, but a recovery to $64 levels suggests further upside in the day ahead...
Monero’s XMR rallied by 4.3% on Wednesday. Following on from a 2.91% gain on Tuesday, Monero’s XMR ended the day at $64.76.
A relatively bullish start to the day saw Monero’s XMR break through the first major resistance level at $62.80 to hit a morning high $63.59.
Pulling back through the morning, Monero’s XMR fell to a mid-day intraday low $62.07 before finding support.
Steering clear of the first major support level at $60.30, Monero’s XMR rallied to a late intraday high $64.79.
The afternoon rally saw Monero’s XMR break through the first major resistance level at $62.80 and second major resistance level at $63.71.
While Wednesday’s rally marked a 3rd consecutive day in the green for Monero’s XMR, Monero’s XMR continued to fall well short of the current year high $77.88 struck on 2nd April.
For Monero’s XMR, the extended bearish trend formed at late April’s swing hi $298 remained firmly intact. Monero’s XMR continued to fall well short of the 23.6% FIB Retracement Level of $99, following 15th December’s swing lo $37.18.
At the time of writing, Monero’s XMR was up 0.02% to $64.77. A mixed start to the day saw Monero’s XMR recover from a morning low $63.84 to strike a morning high $64.84 before easing back.
Monero’s XMR left the major support levels untested through the early hours.
A move through to $65.2 levels would be needed to support a 4th consecutive day in the green. A breakthrough to $65 levels would bring the first major resistance level at $65.68 into play.
Support from the broader market would be needed, however, for Monero’s XMR to breakout from Wednesday’s high $64.79.
Barring a broad-based crypto rally, Monero’s XMR would likely struggle to break through to $66 levels on the day.
Failure to move through $65.2 levels could see Monero’s XMR slide back into the red. A fall through the morning low $63.84 would bring the first major support level at $62.96 into play.
Barring a crypto meltdown, Monero’s XMR will steer clear of sub-$62 support levels on the day.
Major Support Level: $62.96
Major Resistance Level: $65.68
23.6% FIB Retracement Level: $99
38.2% FIB Retracement Level: $137
62% FIB Retracement Level: $198
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Thanks, Bob
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.