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

By:
Bob Mason
Published: May 10, 2019, 03:23 UTC

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.

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.

XMR/USD 10/05/19 Daily Chart

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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