Monero Technical Analysis – Support Levels in Play – 10/05/19

Monero’s XMR is on the move early. Holding on to the gains may prove to be a challenge, however, if sentiment across the market doesn’t improve.
Bob Mason
Monero Crypto Currency Market

Key Highlights

  • Monero’s XMR slid by 3.44% on Thursday. Reversing a 3.46% rally from Wednesday, Monero’s XMR ended the day at $65.17.
  • An early morning intraday high $68.89 saw Monero’s XMR break through the first major resistance level at $68.75 before hitting reverse.
  • A late afternoon intraday low $63.68 saw Monero’s XMR fall through the day’s first major support level at $65.41.
  • 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 15th December’s swing lo $37.18.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR slid by 3.44% on Thursday. Reversing a 3.46% rally from Wednesday, Monero’s XMR ended the day at $65.17.

A relatively bullish start to the day saw Monero’s XMR break through the first major resistance level at $68.75 to hit an intraday high $68.89.

Pulling back through to the late afternoon, Monero’s XMR fell to an intraday low $63.68 before finding support.

The reversal saw Monero’s XMR slide through the first major resistance level at $65.41. Holding above the second major support level at $63.28, Monero’s XMR recovered to $65 levels late on.

For Monero’s XMR, 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 Retracement Level of $99, following 15th December’s swing lo $37.18.

At the time of writing, Monero’s XMR was up by 0.97% to $65.80. Bucking the trend from across the broader market, Monero’s XMR moved from a morning low $64.87 to a high $66.07.

In spite of the bullish start to the day, Monero’s XMR left the day’s major support and resistance levels untested early on.

For the day ahead,

A move back through to $66 levels would support a run at $68 levels before any pullback. Monero’s XMR would need support from the broader market, however, to break out from $66 levels on the day.

In the event of a crypto rebound, Monero’s XMR would likely break through the first major resistance level at $68.15.

Monero’s XMR would likely fall short of $70 levels, however, and the second major resistance level at $71.12.

Failure to move back through to $66 levels could see Monero’s XMR hit reverse later in the day. A pullback through to $64 levels would bring $63 levels into play before any recovery.

Barring an extended crypto sell-off, Monero’s XMR would likely steer clear of the first major support level at $62.94.

Looking at the Technical Indicators

Major Support Level: $62.94

Major Resistance Level: $68.15

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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