Monero Technical Analysis – Support Levels in Play – 03/12/18

Support levels are tested early as Monero’s XMR takes a tumble alongside the rest of the majors, making the day ahead a tricky one for the bulls.
Bob Mason

Key Highlights

  • Monero’s XMR fell by 1.17% on Sunday, partially reversing Saturday’s 3.12% rally, to end the week up 1.69% to $58.23.
  • An early morning intraday high $61.00 came up against the day’s first major resistance level at $61.08 before hitting reverse.
  • A morning reversal saw Monero’s XMR fall to a late morning intraday low $57.07, steering well clear of the first major support level at $56.45 before finding support through the afternoon.
  • The day’s reversal reaffirmed the extended bearish trend, formed at late April’s swing hi $298, with Monero’s XMR having struck a new swing lo $51.29 last Tuesday.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR fell by 1.17% on Sunday, partially reversing Saturday’s 3.12% gain, to end the week up 1.69% at $58.23.

Tracking the broader market through the morning, Monero’s XMR moved through to an early morning intraday high $61.00, coming up against the day’s first major resistance level at $61.08 before hitting reverse.

A broad based cryptomarket reversal weighed through the morning, with Monero’s XMR falling to an intraday low $57.07 before steadying, the first major support level at $56.45 left untested on the day.

Bucking the broader market trend through the afternoon, Monero’s XMR recovered to a late $60.74, coming up just shy of the day’s high before easing back, a negative bias across the broader market pinning Monero’s XMR back from a full recovery.

In spite of the week’s minor gain, the extended bearish trend remained firmly intact, with Monero’s XMR continuing to fall well short of the 23.6% FIB Retracement Level of $110, with last Tuesday’s new swing lo $51.29 giving the bears the upper hand going into the final month of the year.

At the time of writing, Monero’s XMR was down 3.28% to $56.32, moves through the early hours seeing Monero’s XMR fall from a start of a day morning high $58.84 to a morning low $55.96 before recovering to $56 levels. The reversal saw Monero’s XMR slide through the first major support level at $56.53, while steering clear of $54 levels and the second major support level at $54.84.

For the day ahead, a move back through the first major support level at $56.53 would signal a possible afternoon rebound, with Monero’s XMR needing to move through to $58 levels to go full circle and bring the day’s first major resistance level at $60.46 into play before any pullback.

Failure to move back through the first major support level could see Monero’s XMR take another hit later in the day, a fall back through the morning low $55.96 likely to bring the day’s second major support level at $54.84 into play before any recovery, the slide coming as investors respond to a wave of news of certain jurisdictions moving ahead on tightening rules and regulations for the cryptomarket.

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Looking at the Technical Indicators

Major Support Level: $56.53

Major Resistance Level: $60.46

Fib 23.6% Retracement Level: $110

Fib 38% Retracement Level: $146

Fib 62% Retracement Level: $204

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