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Monero Technical Analysis – Support Levels in Play – 20/05/19

By:
Bob Mason
Published: May 20, 2019, 04:50 UTC

It's back in the red for Monero's XRM. A move back through to $90 levels would signal a rebound...

Monero Crypto Currency Market

Key Highlights

  • Monero’s XMR rallied by 13.05% on Sunday. Reversing a 2.28% fall from Saturday, Monero’s XMR ended the day at $90.45.
  • A start of a day intraday low $79.14 saw Monero’s XMR steer clear of the day’s first major support level at $78.41.
  • Rallying to a late in the day intraday high $91.06, Monero’s XMR broke through the major resistance levels.
  • The extended bearish trend, formed at late April’s swing hi $298, remained firmly intact. Monero’s XMR continued to fall 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 Resistance

Monero’s XMR rallied by 13.05% on Sunday. Reversing a 2.28% fall from Saturday, Monero’s XMR ended the day at $90.45.

For the week, Sunday’s rally contributed to a 20.4% gain, Monday through Sunday.

A particularly bullish start to the day saw Monero’s XMR rally from an intraday low $79.14 to a morning high $89.49.

The early rally saw Monero’s XMR break through the first major resistance level at $83.06 and second major resistance level at $85.68.

Monero’s XMR eased back to $85 levels before finding support from the broader market through the afternoon.

Monero’s XMR broke back through the second major resistance level at $85.68 and broke through the third major resistance level at $90.33. Key for the day was a hold onto $90 levels at the day end.

For Monero’s XMR, the extended bearish trend formed at late April’s swing hi $298 remained intact. Monero’s XMR continued to fall 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 down 1.71% to $88.90. Pressured by the broader market, Monero’s XMR fell from a morning high $90.08 to a morning low $85.21 before finding support.

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

XMR/USD 20/05/19 Daily Chart

For the day ahead,

For the day ahead, a hold above $87.20 levels would provide support later in the day. A move back through the morning high $90.08 would bring $92 levels into play before any pullback.

Support from the broader market would be needed, however, for Monero’s XMR to breakout from Sunday’s high $91.06.

Barring a broad-based crypto rebound, Monero’s XMR will likely come up short of the first major resistance level at $94.63.

Failure to hold above $87.20 levels could see Monero’s XMR slide deeper into the red. A fall through the morning low $85.21 would bring the first major support level at $82.71 into play before any recovery.

Barring a crypto meltdown, Monero’s XMR would likely steer clear of sub-$80 levels on the day.

Looking at the Technical Indicators

Major Support Level: $82.71

Major Resistance Level: $94.63

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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