Monero Technical Analysis – Support Levels in Play – 29/03/19

Key Highlights

• Monero’s XMR fell by 1.19% on Thursday. Partially reversing a 3.06% gain from Wednesday, Monero’s XMR ended the day at $52.5.
• A start of a day intraday high $53.49 saw Monero’s XMR come up short of the first major resistance level at $53.96.
• A late afternoon intraday low $52.01 saw Monero’s XMR hold above the day’s first major support level at $51.85.
• 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 15^th December’s swing lo $37.18.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR fell by 1.19% on Thursday. Reversing a 3.06% gain from Wednesday, Monero’s XMR ended the day at $52.5.

A bearish start to the day saw Monero’s XMR fall from an intraday high $53.49 to a late morning low $52.4. Steering clear of the first major support level at $51.85, Monero’s XMR recovered to a $52.66 before hitting reverse.

Sliding through the afternoon, Monero’s XMR fell to an intraday low $52.01 before finding support. In spite of the day afternoon sell-off, Monero’s XMR held onto $52 levels to avoid the first major support level at $51.85.

While Monero’s XMR lost ground on the day, Monero’s XMR remained on track for a 5^th consecutive week in the green.

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 15^th December’s swing lo $37.18.

At the time of writing, Monero’s XMR was down by 0.7% to $52.13. Tracking the broader market in the early hours, Monero’s XMR rose to a morning high $52.7 before hitting reverse. Falling short of the first major resistance level at $53.32, Monero’s XMR fell to a morning low $51.98.

Monero’s XMR came within range of the first major support level at $51.84 before recovering the $52 handle.

For the day ahead,

A move through to $52.7 levels would bring $53 levels and the first major resistance level at $53.32 into play. Monero’s XMR would need support from the broader market, however, to take a run at the current week’s high $53.51. Barring a broad-based crypto rally, we would expect Monero’s XMR to fall short of $53 levels on the day.

Failure to move through to $52.7 levels could see Monero’s XMR fall deeper into the red. A fall through the morning low $51.98 would bring the first major support level at $51.84 into play. Barring a broad-based crypto reversal, however, we would expect Monero’s XMR to avoid a return to sub-$52 levels.

Looking at the Technical Indicators

Major Support Level: $51.84

Major Resistance Level: $53.32

23.6% FIB Retracement Level: $99

38.2% FIB Retracement Level: $137

62% FIB Retracement Level: $198