Monero Technical Analysis – Looking for Support Early – 22/06/18
Key Highlights
Monero’s XMR gained 0.72% on Thursday, partially reversing Wednesday’s 2.93% fall, to end the day at $123.3.
A morning intraday high $124.52 came up short of the day’s first major resistance level at $125.99 and well short of the 23.6% FIB Retracement Level of $149.
A late morning intraday low $120.85 saw Monero’s XMR hold above the first major support level at $119.05 with support kicking in to see Monero’s XMR recover to $123 levels by the day’s end.
Monero’s XMR Price Support
Monero’s XMR gained 0.73% on Thursday, partially reversing Wednesday’s 2.93% slide, to end the day at $123.3.
An early morning $124.52 high came up short of the day’s first major resistance level at $125.99 and the 23.6% FIB Retracement Level of $149 to leave the extended bearish trend formed at 24th April’s swing hi $299 intact.
A pullback from the morning’s high saw Monero’s XMR fall to an intraday low $120.85 to leave the first major support level at $119.05 untested before recovering to $123 levels by the day’s end, a range bound second half of the day continuing to leave the day’s major support and resistance levels untested.
At the time of writing, Monero’s XMR was down 6.23% to $115.8, with a start of the day $123.74 high falling short of the first major resistance level at $124.93 before a broad based cryptomarket sell-off kicked in.
Monero’s XMR saw an initial slide through the day’s first major support level at $121.26 to $120.6 before a second wave of selling took Monero’s XMR through the second major support level at $119.22 and third major support level to a morning low $114.42 before managing to recover to $115 levels.
Negative news hitting the wires broke down the day’s major support levels, the only good news being that Monero’s XMR managed to hold well above 13th April’s swing lo $102 through the morning.
For the day ahead, a move back through the second major support level at $119.22 would be needed to signal a possible second half of the day rebound, though with the negative sentiment hitting the cryptomarket, we can expect Monero’s XMR to face plenty of resistance at $119 levels to hold back a move into positive territory.
Failure to break back through the second major support level could see Monero’s XMR take another hit later in the day, with sub-$110 levels in play should sentiment not improve ahead of the weekend, though we would expect Monero’s XMR to hold above the swing lo $102 through the day.
The bearish trend remains fully intact and, while we can expect some buying appetite at current levels, things are looking grim for the week.
Looking at the Technical Indicators
Major Support Level: $121.26
Major Resistance Level: $124.93
Fib 23.6% Retracement Level: $149
Fib 38% Retracement Level: $177
Fib 62% Retracement Level: $224
This article was originally posted on FX Empire
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Monero Technical Analysis – Looking for Support Early – 22/06/18
