Monero Technical Analysis – Resistance Levels in Play – 13/06/19

Key Highlights

• Monero’s XMR rose by 3.95% on Wednesday. Reversing a 0.5% fall from Tuesday, Monero’s XMR ended the day at $90.28.
• An early morning intraday low $85.83 saw Monero’s XMR hold above the first major support level at $85.61.
• A mid-afternoon intraday high $91.03 saw Monero’s XMR break through the first major resistance level at $88.10 and second major resistance level at $89.38.
• 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 Resistance

Monero’s XMR rose by 3.95% on Wednesday. Reversing a 0.5% fall from Tuesday with interest, Monero’s XMR ended the day at $90.28.

It was a mixed start to the day on Wednesday. Monero’s XMR fell to an early morning intraday low $85.83 before making a move. Steering clear of the major support levels, Monero’s XMR rallied to a mid-afternoon intraday high $91.03.

The rally through to the mid-afternoon saw Monero’s XMR break through the first major resistance level at $88.10 and second major resistance level at $89.38.

Monero’s XMR gave up $90 levels, however, with a late pullback to $88 levels before finding support to end the day at $90.28.

For Monero’s XMR, the extended bearish trend formed at late April 2018’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.

Monero’s XMR last tested the 23.6% FIB back on 30^th May, with a current year high $99.65. A bearish start to the month of June saw Monero’s XMR slide to a current month low $80.93 before finding support.

At the time of writing, Monero’s XMR was up by just 0.04% to $90.32. A choppy start to the day saw Monero’s XMR rise to a morning high $90.79 before falling to a low $89.75.

Steering clear of the major support and resistance levels, Monero’s XMR moved back to $90 levels.

For the day ahead,

A hold above $89.20 levels through the morning would support upward momentum later in the day. Monero’s XMR would need to move back through Wednesday’s high $91.03, however, to take a run at the first major resistance level at $92.26.

Barring a broad-based crypto rally, Wednesday’s high $91.03 would likely limit any upside on the day.

Failure to hold above $89.20 could see Monero’s XMR slide deep into the red before any recovery. A fall through to $88.4 levels would bring the first major support level at $87.06 into play.

Barring a crypto reversal, however, Monero’s XMR would likely steer clear of sub-$87 levels on the day.

Looking at the Technical Indicators

Major Support Level: $87.06

Major Resistance Level: $92.26

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