Monero Technical Analysis – Support Levels Back in Play – 11/12/18
It’s a bearish start to the day and things could get worse for Monero’s XMR should a move through to $44 levels fail to materialize.
Key Highlights
- Monero’s XMR fell by 6.88% on Monday, reversing a 5.62% rise on Sunday, to end the day at $43.44.
- An early morning intraday high $47.58 came up well short of the first major resistance level at $49.21 before hitting reverse.
- Monero’s XMR fell through the first major support level at $44.11 to a late in the day intraday low $42.61 before steadying.
- The extended bearish trend, formed at late April’s swing hi $298, was reaffirmed with Monero’s XMR sitting well short of the 23.6% FIB following last week’s new swing lo $42.00.
Monero’s XMR Price Support
Monero’s XMR slid by 6.88% on Monday, reversing a 5.62% gain from Sunday, to end the day at $43.44.
A bullish start to the day saw Monero’s XMR rise to an early afternoon intraday high $47.58, coming up well short of the first major resistance level at $49.21, before hitting reverse alongside the broader cryptomarket.
The sell-off saw Monero’s XMR fall through the first major support level at $44.11 to a late in the day intraday low $42.61 before finding support to move back through to $43 levels by the day’s end.
For Monero’s XMR, it was a 6th day in the red out of the last 9, the negative bias leaving the extended bearish trend formed at late April’s swing hi $298 firmly intact, Monero’s XMR continuing to fall well short of the 23.6% FIB Retracement Level of $102 following last week’s new swing lo $42.00.
At the time of writing, Monero’s XMR was down 1.63% to $42.73, with moves through the early hours seeing Monero’s XMR fall from a start of a day morning high $43.57 to a morning low $42.25 before steadying, the day’s major support and resistance levels left untested early on.
For the day ahead, a move back through the morning high $43.57 to $44.5 would support a run at $46 levels to bring the first major resistance level at $46.48 into play, though Monero’s XMR would need to move through to $44 levels by late morning to support an afternoon rally.
Failure to move through to $44.5 could see Monero’s XMR pullback deeper into the red, a fall through the morning low $42.25 bringing $41 levels and the day’s first major support level at $41.51 into play. We can expect a pullback to $40 levels in the event of an extended broad based crypto sell-off, while we would expect Monero’s XMR to steer clear of sub-$40 levels and the day’s second major support level at $39.57.
Looking at the Technical Indicators
Major Support Level: $41.51
Major Resistance Level: $46.48
Fib 23.6% Retracement Level: $102
Fib 38% Retracement Level: $140
Fib 62% Retracement Level: $200
