Monero Technical Analysis – Support Levels in Play – 21/08/19

Monero’s XRM follows on from Tuesday’s slide with a bearish start to the day. Pressure comes from the broader markets as the bears fight back.
Bob Mason
Monero cryptocurrency

Key Highlights

  • Monero’s XMR slid by 4.71% on Tuesday. Reversing a 2.34% gain from Monday, Monero’s XMR ended the day at $85.9.
  • An early morning intraday high $90.93 saw Monero’s XMR fall well short of the first major resistance level at $92.08.
  • A late intraday low $84.43 saw Monero’s XMR fall through the first major support level at $86.13.
  • 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 slid by 4.71% on Tuesday. Reversing a 2.34% gain from Monday, Monero’s XMR ended the day at $85.9.

A bullish start to the day saw Monero’s XMR strike an early intraday high $90.93 before succumbing to market forces.

Falling short of the major resistance levels, Monero’s XMR slid to a late intraday low $84.43. Pressured by the broader market, Monero’s XMR fell through the first major support level at $86.13.

Finding support late in the day, Monero’s XMR managed to move back through to $85 levels to limit the downside on the day.

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 1.09% to $84.96. A particularly bearish start to the day saw Monero’s XMR fall from an early morning high $86.41 to a low $84.85.

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

For the day ahead

Monero’s XMR would need to break through to $87 levels to support a run at the first major resistance level at $89.74.

Support from the broader market would be needed, however, to break out from this morning’s high $86.41.

Barring a broad-based crypto rebound, Monero’s XMR would likely come up short of $90 levels on the day.

Failure to move through to $87 levels would see Monero’s XMR struggle on the day. A fall through $84.5 would bring the first major support level at $83.24 into play before any recovery.

Barring an extended sell-off through the day, Monero’s XMR should steer clear of sub-$82 levels.

Looking at the Technical Indicators

Major Support Level: $83.24

Major Resistance Level: $89.74

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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