Monero's XMR hits red early, with support levels in play. A move through to $81 levels would signal a breakout.
Monero’s XMR rose 1.12% on Thursday. Reversing a 0.75% fall from Wednesday, Monero’s XMR ended the day at $81.18.
A bullish start to the day saw Monero’s XMR break through the first major resistance level at $81.99 to an early morning high $83.31
Monero’s XMR eased back to $81.5 levels before a mid-day rally to an intraday high $83.56. Monero’s XMR broke back through the first major resistance level before hitting reverse.
A pullback through the afternoon saw Monero’s XMR slide to an afternoon low $80.38 before finding support. Monero’s XMR steered clear of the first major support level at $78.56 on the day.
Finding support from the broader market, Monero’s XMR recovered to $81 levels to close out the day in the green.
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 2.64% to $79.04. A bearish start to the day saw Monero’s XMR fall from a morning high $80.11 to a low $78.86.
Falling well short of the major resistance levels, Monero’s XMR slid through the first major support level at $79.79.
A move back through the morning high $80.11 to $81.7 levels would signal a run at the first major resistance level at $83.07.
Monero’s XMR would need the support of the broader market, however, to break out from $80 levels.
Barring a broad-based crypto rally, the first major resistance level at $83.07 and Thursday’s high $83.56 should limit any upside.
Failure to move through the morning high to $81.7 levels could see Monero’s XMR struggle through the day.
A fall back through the morning low $78.86 would bring the second major support level at $78.39 into play before any recovery.
Barring a crypto meltdown, the second major support level at $78.39 should limit any downside on the day.
Major Support Level: $79.79
Major Resistance Level: $83.07
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
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.