Monero Technical Analysis – Support Levels in Play – 05/03/19

Key Highlights

• Monero’s XMR tumbled by 3.78% on Monday. Reversing a 0.48% gain from Sunday, Monero’s XMR ended the day at $46.88.
• An early morning intraday high $48.89 saw Monero’s XMR come within range of the first major resistance level at $48.96.
• A late morning intraday low $46.00 saw Monero’s XMR slide through the day’s major support levels before finding support.
• 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 15^th December’s swing lo $37.18.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR fell by 3.78% on Monday. Reversing a 0.48% gain from Sunday, Monero’s XMR ended the day at $46.88. The day’s sell-off saw Monero’s XMR give up last week’s 3.36% gain, Monday through Sunday.

A bullish start to the day saw Monero’s XMR rally to an early morning intraday high $48.89 before hitting reverse. Monero’s XMR came within range of the first major resistance level at $48.96 in the early hours.

Tracking the broader market through the morning, Monero’s XMR tumbled to a late morning intraday low $46.00. The reversal saw Monero’s XMR slide through the day’s major support levels before finding support.

Monero’s XMR managed to move back through the third major support level at $46.59 in the 2^nd half of the day.

For Monero’s XMR, the extended bearish trend formed at late April’s swing hi $298 remained firmly intact, in spite of last week’s gain. Monero’s XMR continued to fall well short of the 23.6% FIB Retracement Level of $99, following 15^th December’s swing lo $37.18.

At the time of writing, Monero’s XMR was down 0.6% to $46.6. A relatively bearish start to the day saw Monero’s XMR fall from a morning high $47.07 to a morning low $46.57 before steadying. Monero’s XMR left the day’s major support and resistance levels untested early on.

For the day ahead,

A move through the morning high $47.07 to $47.30 levels would signal a possible recovery of Monday’s losses. Monero’s XMR would need support from the broader market, however, to break through to $48 levels.

Barring a broad-based crypto rally, Monero’s XMR will likely come up short of the first major resistance level at $48.51. Negative sentiment across the broader market will likely limit any upside on the day.

Failure to move through to $47.30 levels could see Monero’s XMR take a bigger hit later in the day. A fall through the morning low $46.57 would bring $45 levels into play before any recovery. Barring a broad-based sell-off, Monero’s XMR will likely find the necessary support at the first major support level at $45.62 to avoid heavier losses on the day.

A broad-based sell-off could see Monero’s XMR slide through to test the second major support level at $44.37 before any recovery.

Looking at the Technical Indicators

 

Major Support Level: $45.62

Major Resistance Level: $48.51

23.6% FIB Retracement Level: $99

38.2% FIB Retracement Level: $137

62% FIB Retracement Level: $198