Monero's XMR tracked the majors into the green early on. Following Monday's pullback, a rally could be on the cards.
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.
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.
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
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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.