It's a bullish start to the day, with the major resistance levels very much in play. A major crypto rally could bring $73 levels into play.
Monero’s XMR rose by 2.79% on Sunday. Reversing a 2.02 fall on Saturday, Monero’s XMR ended the day at $69.92.
4 days in the green through the first week of the 2nd quarter delivered a 24.9% gain for Monero’s XMR. It could have been far more, having struck an intraweek high $77.88 on Tuesday.
A relatively choppy day saw Monero’s XMR hit a morning high $69.96 before hitting reverse. Falling short of the major resistance levels, Monero’s XMR fell to a late afternoon intraday low $67.70. Support from the broader market kicked in late in the day. Holding above the first major support level at $65.95, Monero’s XMR broke through the first major resistance level at $70.16 to hit an intraday high $70.5.
A particularly bullish week led to Monero’s XMR recording a 6th consecutive week in the green.
For Monero’s XMR, the extended bearish trend formed at late April’s swing hi $298 remained firmly intact, however. 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 1.39% to $70.89. A bullish start to the day saw Monero’s XMR rise from a morning low $69.81 to a high $71.87 before easing back. The early move saw Monero’s XMR break through the first major resistance level at $71.05.
A move back through to $71 levels and the first major resistance level would bring $72 levels into play. Support from the broader market would be needed, however, for Monero’s XMR to breakout from the second major resistance level at $72.17. Barring a broad-based crypto rally, we would expect Monero’s XMR to fall short of $72 levels on the day.
Failure to move back through to $71 levels could see Monero’s XMR hit reverse later in the day. A fall through the morning low $69.81 to $69.40 levels would bring the first major support level at $68.25 into play. Barring a broad-based crypto sell-off, we would expect Monero’s XMR to steer clear of sub-$68 support levels on the day.
Major Support Level: $68.25
Major Resistance Level: $71.05
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.