Monero Technical Analysis – Resistance Levels in Play – 05/08/19

Monero’s XMR finds strong support early on. Holding onto current levels would support further upside on the day.
Bob Mason
Monero cryptocurrency

Key Highlights

  • Monero’s XMR rose by 0.58% on Sunday. Following on from a 4.82% rally on Saturday, Monero’s XMR ended the day at $88.34.
  • An early morning intraday low $85.6 saw Monero’s XMR steer clear of the first major support level at $85.26.
  • A late intraday high $88.95 saw Monero’s XMR fall short of the first major resistance level at $89.57.
  • The extended bearish trend, formed at late April 2018’s swing hi $298, remained firmly intact. A pullback through the 23.6% FIB of $99 reaffirmed the extended bearish trend after Monero’s XMR had continued to fall short of the 38.2% FIB of $137.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR rose 0.58% on Sunday. Following on from a 4.82% rally on Saturday, Monero’s XMR ended the week up 10.25% at $88.34.

A particularly bearish start to the day saw Monero’s XMR fall from a morning high $88.6 to an early intraday low $85.6.

In spite of the early sell-off, Monero’s XMR held above the first major support level at $85.26.

Finding support from the broader market, Monero’s XMR rallied through the afternoon to a late intraday high $88.95.

Monero’s XMR fell short of the first major resistance level at $89.57 before easing back to $87 levels. A late move back through to $88 levels gave Monero’s XMR the upside on the day.

For Monero’s XMR, the extended bearish trend formed at late April 2018’s swing hi $298 remained intact. The July fall back through the 23.6% FIB of $99, reaffirmed the extended bearish trend, following 15th December’s swing lo $37.18. Ahead of the pullback, Monero’s XRM had also failed to break through the 38.2% FIB of $137 to take a run at the 62% FIB of $198.

For the bulls, a move back through to $115 levels would be needed to support a run at $140 levels. A move through the 38.2% FIB would see Monero’s XMR form a near-term bullish trend.

At the time of writing, Monero’s XMR was up by 3.52% to $91.45. A particularly bullish start to the day saw Monero’s XMR rally from a morning low $88.18 to a high $91.45.

Steering clear of the major support levels, Monero’s XMR broke through the first major resistance level at $89.66 and second major resistance level at $90.98.

For the day ahead

Holding above the second major resistance level would support a breakthrough to $92 levels before any pullback.

Monero’s XMR would need support from the broader market, however, to break out from current levels.

Barring an extended crypto rally through the day, Monero’s XMR would likely fall short of the third major resistance level at $94.33.

Failure to hold above the second major resistance level could see Monero’s XMR slide back to sub-$90 levels before any recovery.

Barring a crypto meltdown, however, Monero’s XMR should steer well clear of the first major support level at $86.31.

A fall through $87.60 levels would be the signal of a more material sell-off on the day, in the event of a meltdown.

Looking at the Technical Indicators

Major Support Level: $86.31

Major Resistance Level: $89.66

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

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