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.
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.
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
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.