Monero Technical Analysis – Resistance Levels in Play – 05/06/19

Key Highlights

• Monero’s XMR slid by 5.91% on Tuesday. Following on from a 6.56% fall on Monday, Monero’s XMR ended the day at $83.44.
• A start of the day intraday high $88.68 saw Monero’s XMR come up well short of the first major resistance level at $93.42.
• A late in the day intraday low $80.93 saw Monero’s XMR fall through the first major support level at $86.21 and second major support level at $83.74

The extended bearish trend, formed at late April’s swing hi $298, remained firmly intact. Monero’s XMR continued to fail to break out from the 23.6% FIB of $99, following 15^th December’s swing lo $37.18.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR fell by 5.91% on Tuesday. Following on from a 6.56% fall on Monday, Monero’s XMR ended the day at $83.44.

A choppy start to the day saw Monero’s XMR recover from a start of a day dip to $84.41 to an intraday high $88.68.

The early pullback saw Monero’s XMR fall through the first major support level at $86.21.

Relatively range-bound through the late morning and early afternoon, Monero’s XMR found support from the first major support level to strike an afternoon high $87.78 before hitting reverse.

A late broad-based crypto sell-off led to a slide through to an intraday low $80.93. Monero’s XMR slid back through the first major support level at $86.21 and second major support level at $83.74.

A 2^nd day of heavy losses left Monero’s XMR well short of the 23.6% FIB Retracement Level of $99.

For Monero’s XMR, the extended bearish trend formed at late April’s swing hi $298 remained intact. Monero’s XMR continued to fall short of the 23.6% FIB Retracement Level of $99, following 15^th December’s swing lo $37.18.

At the time of writing, Monero’s XMR was up by 2.56% to $85.58. A relatively bullish start to the day saw Monero’s XMR rise from a morning low $83.26 to a high $86.14.

In spite of the early moves, Monero’s XMR left the major support and resistance levels untested.

For the day ahead,

A move back through to $86 levels would support a run at the first major resistance level at $87.77.

Monero’s XMR would need support from the broader market, however, to break out from the early high $86.14.

In the event of a broad-based crypto rally, Monero’s XMR could move back through to $88 levels before any pullback.

Failure to move back through to $86 levels could see Monero’s XMR give up the morning gains.

A pullback through to $84.4 levels would bring $82 levels into play before any recovery. Barring another crypto sell-off, Monero’s XMR would likely steer clear of the first major support level at $80.02.

Looking at the Technical Indicators

Major Support Level: $80.02

Major Resistance Level: $87.77

23.6% FIB Retracement Level: $99

38.2% FIB Retracement Level: $137

62% FIB Retracement Level: $198

Please let us know what you think in the comments below.

Thanks, Bob