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Monero Technical Analysis – Support Levels in Play – 13/08/19

By:
Bob Mason
Published: Aug 13, 2019, 03:18 UTC

Monero's XMR tracks the majors into the red. Failure to move back through to $91 levels would spell trouble for the bulls...

Monero Crypto Currency Market

Key Highlights

  • Monero’s XMR fell by 0.57% on Monday. Partially reversing a 2.47% fall from Sunday, Monero’s XMR ended the day at $91.17.
  • An early morning intraday high $91.88 saw Monero’s XMR fall well short of the first major resistance level at $93.36.
  • A mid-day intraday low $90.08 saw Monero’s XMR fall through the first major support level at $90.49.
  • The extended bearish trend, formed at late April 2018’s swing hi $298, remained firmly intact. The July reversal through the 23.6% FIB of $99 reaffirmed the extended bearish trend after Monero’s XMR had continued to fall short of the 38.2% FIB of $137.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR fell by 0.57% on Monday. Partially reversing a 2.47% gain from Sunday, Monero’s XMR ended the day at $91.17.

A mixed start to the day saw Monero’s XMR strike an early morning intraday high $91.88 before hitting reverse.

Falling well short of the first major resistance level at $93.36, Monero’s XMR fell to a mid-day intraday low $90.08.

The pullback saw Monero’s XMR fall through the first major support level at $90.49 before finding support.

Steering clear of sub-$90 levels, Monero’s XMR managed to bounce back to a $91.7 levels late in the day before easing back. On the day, avoiding a fall through to sub-$90 was key.

For Monero’s XMR, the extended bearish trend formed at late April 2018’s swing hi $298 remained intact. The July fall back through the 23.6% FIB of $99 reaffirmed the extended bearish trend, following 15th December’s swing lo $37.18. Ahead of the pullback, Monero’s XRM had also failed to break through the 38.2% FIB of $137 to take a run at the 62% FIB of $198.

For the bulls, a move back through to $115 levels would be needed to support a run at $140 levels. A move through the 38.2% FIB would see Monero’s XMR form a near-term bullish trend.

At the time of writing, Monero’s XMR was down by 0.52% to $90.70. A bearish start to the day saw Monero’s XMR fall from a morning high $91.64 to a low $90.70.

Monero’s XMR left the major support and resistance levels untested early on.

XMR/USD 13/08/19 Daily Chart

For the day ahead

Monero’s XMR would need to move back through the morning high $91.64 to take a run at the first major resistance level at $92.

Support from the broader market would be needed, however, for Monero’s XMR to break through to $91 levels.

Barring a broad-based crypto rally, Monero’s XMR would likely come up short of $93 levels on the day. Monday’s high $91.88 and the first major resistance level at $92 would likely limit any upside.

Failure to move through the morning high could see Monero’s XMR fall deeper into the red. A fall through the morning low $90.70 would bring the first major support level at $90.21 into play.

Barring an extended crypto sell-off, however, Monero’s XMR should steer clear of sub-$90 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $90.21

Major Resistance Level: $92.01

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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