Monero Technical Analysis – Resistance Levels in Play – 24/04/19

Monera’s XRM looks to buck the bearish trend for a 2nd consecutive day. Some support is going to be needed for a breakout, however…
Bob Mason
Monero Crypto Currency Market

Key Highlights

  • Monero’s XMR rose by 0.63% on Tuesday. Following on from a 0.29% gain on Monday, Monero’s XMR ended the day at $68.9.
  • A start of a day intraday low $67.93 saw Monero’s XMR test the day’s first major support level at $67.90.
  • An early morning intraday high $71.17 saw Monero’s XMR break through the first major resistance level at $69.87 and second major resistance level at $70.84.
  • 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 of $99, following 15th December’s swing lo $37.18.

How to Buy Monero’s XMR

Monero’s XMR Price Resistance

Monero’s XMR rose by 0.63% on Tuesday. Following on from a 0.29% gain on Monday, Monero’s XMR ended the day at $68.9.

A choppy start to the day saw Monero’s XMR fall to an intraday low $67.93 before finding support. Testing the first major support level at $67.90, Monero’s XMR rallied to an early morning intraday high $71.17.

The rally saw Monero’s XMR break through the first major resistance level at $69.87 and second major resistance level at $70.84.

In spite of the early breakout, Monero’s XMR fell back to $69 levels before moving back through to $70 levels in the early afternoon.

The second major resistance level at $70.84 pinned Monero’s XMR back on the day, with Monero’s XMR pulling back through to $68 levels late in the day.

Despite the pullback to sub-$69 levels late on, Monero’s XMR managed to buck the trend from across the broader market. Out of the top 20, only Bitcoin and Bitcoin Cash SV joined Monero’s XMR in the green on 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.

At the time of writing, Monero’s XMR was up by 0.07% to $68.95. A choppy start to the day saw Monero’s XMR slide to a morning low $68.19 before rising to a morning high $69.58.

In spite of the early moves, Monero’s XMR left the major support and resistance levels untested.

For the day ahead,

A move through to $69.40 levels would support another run at $70 levels and the first major resistance level at $70.74.

Support from the broader market would be needed, however, for Monero’s XMR to take a run on Tuesday’s high $71.17, however.

Barring a broad-based crypto rally, Monero’s XMR will likely come up short of the second major resistance level at $72.57.

Failure to move through to $69.40 levels could see Monero’s XMR struggle later in the day. A fall through the morning low $68.19 would bring the first major support level at $67.50 into play.

Barring a crypto meltdown, Monero’s XMR would likely steer clear of sub-$67 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $67.50

Major Resistance Level: $70.74

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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