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Monero Technical Analysis – Resistance Levels in Play – 18/07/19

By:
Bob Mason

It's a bullish start to the day. A move through to 78.5 levels would bring $80 back into play. Steering clear of $76.5 will be key on the day.

Monero Crypto Currency Market

Key Highlights

  • Monero’s XMR rose by 3.26% on Wednesday. Partially reversing a 16.44% slide on Tuesday, Monero’s XMR ended the day at $76.7.
  • An early morning intraday low $72.0 saw Monero’s XMR steer clear of the first major support level at $70.05.
  • A late afternoon intraday high $80.68 saw Monero’s XMR fall short of the first major resistance level at $84.09.
  • The extended bearish trend, formed at late April 2018’s swing hi $298, remained firmly intact. A pullback through the 23.6% FIB of $99 reaffirmed the extended bearish trend after, Monero’s XMR had continued to fall short of the 38.2% FIB of $137.

How to Buy Monero’s XMR

Monero’s XMR Price Resistance

Monero’s XMR rose by 3.26% on Wednesday. Partially reversing a 16.44% slide on Tuesday, Monero’s XMR ended the day at $76.7.

A bearish start to the day saw Monero’s XMR fall to an early morning intraday low $72.0. Steering clear of the first major support level at $70.05, Monero’s XMR rallied to a late afternoon intraday high $80.68.

In spite of the afternoon rally, Monero’s XMR came up short of the first major resistance level at $84.09.

Monero’s XMR eased back through the latter part of the day, limiting the upside on the day.

For Monero’s XMR, the extended bearish trend formed at late April 2018’s swing hi $298 remained intact. The July fall back through the 23.6% FIB of $99, reaffirmed the extended bearish trend, following 15th December’s swing lo $37.18. Ahead of the pullback, Monero’s XRM had also failed to break through the 38.2% FIB of $137 to take a run at the 62% FIB of $198.

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 1.38% to $77.76. A bearish start to the day saw Monero’s XMR fall to an early morning low $75.24.

Steering clear of the first major support level at $72.24, Monero’s XMR bounced back to a morning high $78.06. Monero’s XMR fell short of the first major resistance level at $80.92.

XMR/USD 18/07/19 Daily Chart

For the day ahead

A hold above $76.50 levels through the morning would support further upside on the day. Monero’s XMR would need to move through the morning high to $78.5 levels, however, to bring $80 levels into play.

Barring a broad-based crypto rally, the first major resistance level at $80.92 and Wednesday’s high $80.68 would likely limit upside on the day.

Failure to hold above $76.50 levels could see Monero’s XMR slide through the morning low $75.24 to $73 levels before any recovery.

Barring a crypto meltdown, Monero’s XMR would likely steer clear of the first major support level at $72.24.

Looking at the Technical Indicators

Major Support Level: $72.24

Major Resistance Level: $80.92

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

About the Author

Bob Masonauthor

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.

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