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

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

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

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