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Monero Technical Analysis – Eyes Support Levels – 04/01/19

Bob Mason

Key Highlights

  • Monero’s XMR fell 5.7% on Thursday, partially reversing an 8.26% rally from Wednesday, to end the day at $49.14.
  • A start of a day intraday high $52.11 came up short of the first major resistance level at $54.17 before hitting reverse.
  • Monero’s XMR fell to a late afternoon intraday low $48.78, coming within range of the first major support level at $48.57.
  • The extended bearish trend, formed at late April’s swing hi $298, remained firmly intact with Monero’s XMR sitting well short of the 23.6% FIB of $99, following 15th December’s swing lo $37.18.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR fell by 5.07% on Thursday, partially reversing an 8.26% rally from Wednesday, to end the day at $49.14.

A particularly bearish day across the broader market weighed on Monero’s XMR through the day, with Monero’s XMR falling from a start of a day intraday high $52.11 to a late afternoon intraday low $48.78 before steadying to move back through to $49 levels by the day’s end.

In spite of the bearish moves through the day, Monero’s XMR managed to hold above the first major support level at $48.57, while also coming up short of the first major resistance level at $54.17 at the start of the day.

For Monero’s XMR, the extended bearish trend formed at late April’s swing hi $298 remained firmly intact, Monero’s XMR continuing to fall well short of the 23.6% FIB Retracement Level of $99, following 15th December’s swing lo $37.18 and struggle to break back through to $60 levels, last struck in late November.

At the time of writing, Monero’s XMR was down 0.06% to $49.11, with moves through the early morning seeing Monero’s XMR recover from a start of a day morning low $48.71 to a morning high $49.25 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high to $50 levels would signal a possible afternoon rally to bring $51 levels and the day’s first major resistance level at $51.24 into play, with Thursday’s 52.11 high likely to pin Monero’s XMR back from a breakout to $53 levels and the second major resistance level at $53.34 on the day.

Failure to move back through the morning high to $50 levels could see Monero’s XMR pullback through the morning low $48.71 to bring $47 levels and the first major support level at $47.91 into play before any recovery, sub-$47 support levels unlikely to be in play through the day.

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Looking at the Technical Indicators

Major Support Level: $47.91

Major Resistance Level: $51.24

Fib 23.6% Retracement Level: $99

Fib 38% Retracement Level: $137

Fib 62% Retracement Level: $198

This article was originally posted on FX Empire

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