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Monero Technical Analysis – Resistance Levels in Play – 09/07/19

Monero’s XMR tracked the majors into the green early on. Following Monday’s pullback, a rally could be on the cards.
Bob Mason
Monero Crypto Currency Market

Key Highlights

  • Monero’s XMR slid by 5% on Monday. Partially reversing a 14.2% rally from Sunday, Monero’s XMR ended the day at $101.95.
  • A late morning intraday high $107.66 saw Monero’s XMR fall short of the first major resistance level at $112.25.
  • A late intraday low $100.84 saw Monero’s XMR steer clear of the first major support level at $97.90.
  • The extended bearish trend, formed at late April 2018’s swing hi $298, remained firmly intact. While holding above the 23.6% FIB of $99, Monero’s XMR 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 slid by 5% on Monday. Partially reversing a 14.22% rally from Sunday, Monero’s XMR ended the day at $101.95.

A choppy start to the day saw Monero’s XMR fall from $107 levels to $104 levels before striking a late morning intraday high $107.66.

Falling short of the first major resistance level at $112.25, Monero’s XMR slid to a late morning low $101.08.

A bounce back to $105 levels was short-lived, with Monero’s XMR sliding to a late intraday low $100.84.

In spite of the pullback, Monero’s XMR held above the 23.6% FIB of $99 and the first major support level at $97.90.

For Monero’s XMR, the extended bearish trend formed at late April 2018’s swing hi $298 remained intact. While holding above the 23.6% FIB of $99, Monero’s XMR continued to fall well short of the 38.2% FIB of $137 to reaffirm the extended bearish trend, following 15th December’s swing lo $37.18.

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 0.77% to $102.73. Tracking the broader market, Monero’s XMR moved from a morning low $101.39 to a high $103.00 before easing back.

Monero’s XMR left the major support and resistance levels untested early on.

For the day ahead

A move back through the morning high $103.0 to $103.6 levels would support another run at the first major resistance level at $106.13.

Monero’s XMR would need the support of the broader market, however, to break out from $103.6 levels.

In the event of a broad-based crypto rally, Monero’s XMR could take a run at the second major resistance level at $110.3.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $107.66 would likely limit any upside on the day.

Failure to move back through the morning high to $103.6 levels could see Monero’s XMR hit reverse.

A fall through the morning low $101.39 would bring the first major support level at $99.31 and the 23.6% FIB of $99 into play.

Barring a broad-based crypto sell-off on the day, Monero’s XMR should steer clear of the second major support level at $96.66.

Looking at the Technical Indicators

Major Support Level: $99.31

Major Resistance Level: $106.13

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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