Monero Technical Analysis – Testing Support Levels – 25/09/18

Monero’s XMR managed to recover from a start of a day sell-off to move into positive territory before easing back into the red, a choppy day ahead.
Bob Mason

Key Highlights

  • Monero’s XMR fell by 5.89% on Monday, following Sunday’s 0.53% fall, to end the day at $114.82.
  • The day’s major resistance levels were left untested, with Monero’s XMR pulling back from an early morning high $123.39 that came up well short of the first major support level at $126.63.
  • A bearish day saw Monero’s XMR fall through the day’s first major support level at $118.62 and second major support level at $115.38 to an intraday low $114.06 late in the day.
  • The day’s reversal saw Monero’s XMR continue to fall short of the 23.6% FIB Retracement Level, leaving the extended bearish trend intact.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR slid by 5.89% on Monday, following Sunday’s 0.53% fall, to end the day at $114.82, the day’s losses wiping out last week’s 4.3% gain.

Tracking the broader market, Monero’s XMR tumbled from an early morning intraday high $123.26 to a late morning low $115.86, the reversal seeing Monero’s XMR fall through the day’s first major support level at $118.62 before finding support at the second major support level at $115.38.

Monero’s XMR managed to recover to an early afternoon high $119.88 before hitting reverse through the late part of the day, a second broad based market sell-off seeing Monero’s XMR fall back through the day’s first major support level at $118.62 and second major support level at $115.38 to an intraday low $114.06 before steadying.

For the crypto bulls, the only good news of the day was a recovery back through the second major support level of the day, the extended bearish trend still firmly intact, with Monero’s XMR continuing to fall well short of the 23.6% FIB Retracement Level of $130.

At the time of writing, Monero’s XMR was down 0.53% to $114.21, with Monero’s XMR seeing late Monday’s sell-off continuing into the early hours of this morning.

Monero’s XMR fell to an early morning low $111.45 to call on support at the first major support level at $111.5 to recover to a morning high $115.35 that saw Monero’s XMR move into positive territory before easing back to $114 levels.

For the day ahead, a move back through to $115 levels and the morning high $115.35 would support a run at $117 levels, though with the bearish sentiment across the broader market through the morning, breaking back through to $117 levels could be a tall order on the day, with the day’s first major resistance level at $120.7 unlikely to be tested.

Failure to move back through to $115 levels could see Monero’s XMR take another hit later in the day, with any move back through the morning low $111.45 bringing sub-$110 levels and the day’s second major support level ate $108.18 into play before any recovery.

Looking at the Technical Indicators

Major Support Level: $111.50

Major Resistance Level: $120.70

Fib 23.6% Retracement Level: $130

Fib 38% Retracement Level: $162

Fib 62% Retracement Level: $214

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