Monero Technical Analysis – Resistance Levels in Play – 15/02/19

Monero’s on the move early, with $48 levels in sight. Breaking through to $50 levels would be unlikely, barring a major crypto-rally.
Bob Mason
Monero's XMR
Monero Crypto Currency Market

Key Highlights

  • Monero’s XMR slid by 5.25% on Thursday. Reversing a 0.39% gain from Wednesday, Monero’s XMR ended the day at $45.95.
  • An early morning intraday high $48.83 came up short of the first major resistance level at $49.66 before hitting reverse.
  • A late afternoon intraday low $45.07 saw Monero’s XMR fall through the first major support level at $47.67 and second major support level at $46.85 before finding support.
  • The extended bearish trend, formed at late April’s swing hi $298, remained firmly intact with Monero’s XMR falling well short of the 23.6% FIB of $99, following 15th December’s swing lo $37.18.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR slid by 5.24% on Thursday. Reversing a 0.39% gain from Wednesday, Monero’s XMR ended the day at $45.07.

An early morning intraday high $48.83 saw Monero’s XMR fall well short of the day’s first major resistance level at $48.84 before hitting reverse.

Bearish through the day, Monero’s XMR slid to a late afternoon intraday low $45.07 before finding support. The reversal saw Monero’s XMR fall through the first major support level at $47.67 and second major support level at $46.85.

Monero’s XMR managed to move back through to $46 levels before a pullback at the end of the day.

For Monero’s XMR, the extended bearish trend formed at late April’s swing hi $298 remained firmly intact. 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.

In contrast to a number of the majors, Monero’s XMR remained in positive territory year-to-date, with 8th February’s 11.23% rally having pulled Monero’s XMR back into the green.

At the time of writing, Monero’s XMR was up by 1.63% to $46.70. Recovering from an early morning low $45.75, Monero’s XMR rose to a morning high $46.82 before easing. The day’s major support and resistance levels were left untested in the early hours.

For the day ahead, a hold above $46.6 levels through the morning would support a run at $48 levels and the first major resistance level at $48.16. Following Thursday’s reversal, Monero’s XMR would likely struggle to break out from $48 levels, with Thursday’s high $48.83 likely to pin Monero’s XMR back from 50 levels last struck on Wednesday.

Failure to hold above $46.6 levels could see Monero’s XMR give up the morning gains. A fall through to $45 levels and the morning low $45.75 could bring the first major support level at $44.40 into play before any recovery.

Barring a broad-based crypto sell-off, we would expect Monero’s XMR to steer clear sub-$44 support levels through the day.

Looking at the Technical Indicators

Major Support Level: $44.40

Major Resistance Level: $48.16

Fib 23.6% Retracement Level: $99

Fib 38% Retracement Level: $137

Fib 62% Retracement Level: $198

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