Monero Technical Analysis – Support Levels in Play – 16/04/19

Monero’s XMR sees some early gains, support by the broader market. The mood can change quickly though…
Bob Mason
Monero Crypto Currency Market

Key Highlights

  • Monero’s XMR slid by 4.13% on Monday. Reversing a 2.77% gain from Sunday, Monero’s XMR ended the day at $64.02.
  • A late morning intraday high $66.97 saw Monero’s XMR fall short of the first major resistance level at $68.14.
  • A late intraday low $63.55 saw Monero’s XMR fall through the day’s first major support level at $64.89.
  • 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 4.13% on Monday. Reversing a 2.77% gain from Sunday, Monero’s XMR ended the day at $64.02.

A relatively range-bound morning saw Monero’s XMR rise to a late morning intraday high $66.97 before hitting reverse.

Falling short of the first major resistance level at $68.14, Monero’s XMR tumbled to a late intraday low $63.55.

The reversal saw Monero’s XMR fall through the first major support level at $64.89 before steadying. A brief recovery to $64.81 was short-lived late in the day, leaving Monero’s XMR below the first major support level at the day’s end.

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 0.36% to $64.25. Moves through the early hours saw Monero’s XMR rise from a morning low $63.67 to a high $64.59 before easing back. Monero’s XMR left the major support and resistance levels untested early on.

For the day ahead,

A move through to $64.85 levels would give Monero’s XMR a run at the first major resistance level at $66.14. Support from the broader market would be needed, however, for Monero’s XMR to breakout from $64 levels. Barring a broad-based crypto rally, Monero’s XMR will likely come up short of $66 levels on the day.

Failure to move through to $64.85 levels could see Monero’s XMR slide back into the red. A fall through the morning low $63.67 would bring $62 levels into play before any recovery. Barring a crypto meltdown, the first major support level at $62.72 will likely limit the downside on the day.

In the event of a broad-based sell-off, Monero’s XMR could visit sub-$61 levels before any recovery.

Looking at the Technical Indicators

Major Support Level: $62.67

Major Resistance Level: $66.14

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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