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Monero Technical Analysis – Resistance Levels in Play – 28/05/19

Monero’s XMR finds support early but would need to move back through to $98.8 levels to support a run at $100 levels.
Bob Mason
Monero Crypto Currency Market

Key Highlights

  • Monero’s XMR gained 5.28% on Monday. Following on from a 6.72% rally from Sunday., Monero’s XMR ended the day at $97.78.
  • A start of a day intraday low $92.88 saw Monero’s XMR steer clear of the day’s first major support level at $88.06.
  • Rallying to a late in the day intraday high $98.75, Monero’s XMR broke through the first major resistance level at $95.49 and second major resistance level at $97.96.
  • The extended bearish trend, formed at late April’s swing hi $298, remained firmly intact. Monero’s XMR continued to fall 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 gained 5.28% on Monday. Following on from a 6.72% rally from Sunday, Monero’s XMR ended the day at $97.78.

A bullish start to the day saw Monero’s XMR rise from an intraday low $92.88 to an early morning high $96 before easing back.

Steering clear of the first major support level at $88.06, Monero’s XMR broke through the first major resistance level at $95.49.

Recovering from a pullback to $93 levels, Monero’s XMR rallied to an early afternoon intraday high $98.75 before easing back to $95 levels.

The rally saw Monero’s XMR break through the first major resistance level at $95.49 and second major resistance level at $97.63.

In spite of 5 consecutive days in the green, Monero’s XMR failed to break through the 23.6% FIB Retracement Level of $99.

For Monero’s XMR, the extended bearish trend formed at late April’s swing hi $298 remained intact. Monero’s XMR continued to fall 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 0.19% to $97.97. Monero’s XMR fell to a morning low $97.41 before recovering to a morning high $98.19.

Monero’s XMR left the major support and resistance levels untested within the early hours.

For the day ahead,

A hold onto $97 levels would support a move back through the morning high $98.19 to Monday’s high $98.75.

Monero’s XMR would need support from the broader market, however, to take run at $100 levels.

Barring a broad-based crypto rally, the 23.6% FIB Retracement Level of $99 would likely leave Monero’s XMR short of the first major resistance level at $100.06.

Failure to hold onto $97 levels could see Litecoin fall through $96.50 levels to bring $95 levels into play.

Barring an extended crypto reversal, Monero’s XMR would likely avoid sub-$94 levels. The first major support level at $94.19 would limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $94.19

Major Resistance Level: $100.06

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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