Monero Technical Analysis – Support Levels to be Tested – 26/04/18

Key Highlights

• Monero slid 12.39% on Wednesday, reversing gains from the week, to end the day at $256.23.
• An intraday high $292.45 failed to test the day’s first major resistance level of $301.6, while a middle of the day low $246.79 saw Monero slide through the day’s first major support level of $267.4 and 23.6% FIB Retracement Level of $266.5 before support kicked in at the 38.2% FIB Retracement Level of $246.3.

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How to Buy Monero: The Complete Guide

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Monero Price Support

Negative sentiment across the market weighed on all the cryptocurrencies, with a slide in both Bitcoin and Bitcoin Cash weighing on the altcoins.

Monero’s high for the day came at the start of the day, from which Monero slid to an intraday low $246.79 in the late morning, Monero sliding through the day’s first major support level of $279.6 and 2^nd support level of $267 before buying appetite kicked in at the 38.2% FIB Retracement Level of $246.3 to lead Monero back to $256.23 by the close.

While the day’s first major resistance level of $283.52 was left untested, the near-term bullish trend formed at 6^th April’s swing lo $161.1 remained intact, though much will depend on the moves through the remainder of the week, a continued sell-off today beginning the formation of a bearish trend, investors likely to be in search of a more stable market before jumping back in.

At the time of writing, Monero was down 1.1% to $253.16, as the market takes a turn through the middle of the morning, giving up gains from earlier in the day.

Monero moved through to an intraday high $276.7 at the start of the day, falling short of the first major resistance level of $283.52, while a slide through to this morning’s $248.63 low brings the day’s first major support level of $237.9 into play, with the negative sentiment across the market likely to limit buying appetite at the 38.2% FIB Retracement Level of $246.3.

While it’s looking bearish for Monero this morning, the early losses leaving Monero in the red for the current week, market sentiment could shift in the 2^nd half of the day, with Bitcoin likely to provide direction. A move through the start of the day’s $276.7 high supporting a run at $280 levels and the day’s first major resistance level of $283.52, while $300 levels will likely be a step too.

Failure to resistance levels could see Monero pull back to the day’s first major support level of $237.9, with buyer appetite at the 38.2% FIB Retracement Level of $246.3 unlikely to be of much support unless sentiment sees a material improvement through the latter part of the morning.

Looking at the Technical Indicators

• Major Support Level: $238
• Major Resistance Level: $284
• Fib 23.6% Retracement Level: $266.5
• Fib 38% Retracement Level: $246.3
• Fib 62% Retracement Level: $213.8