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Monero Technical Analysis – Resistance Levels in Play – 01/07/19

Bob Mason

Key Highlights

  • Monero’s XMR tumbled by 12.1% on Sunday. Following on from a 1.77% fall on Saturday Monero’s XMR ended the day at $87.68.

  • An early morning intraday high $100.39 saw Monero’s XMR fall short of the first major resistance level at $103.38

  • A late intraday low $86.63 saw Monero’s XMR fall through the first major support level at $94.47 and second major support level at $89.13.

  • The extended bearish trend, formed at late April’s swing hi $298, remained firmly intact. Monero’s XMR fell back through the 23.6% FIB of $99, after having continued to fall short of the 38.2% FIB of $137.

How to Buy Monero’s XMR

Monero’s XMR Price Resistance

Monero’s XMR tumbled by 12.1% on Sunday. Following on from a 1.77% loss on Saturday, Monero’s XMR ended the week down 23.5% at $87.68. The last week of June sell-off left Monero’s XMR down by 6.1% for the month.

Bearish through the morning, Monero’s XMR slid from an early intraday high $100.39 to a late afternoon low $89.5.

Falling short of the major resistance levels, Monero’s XMR fell through the first major support level at $94.47.

Finding support at the second major support level at $89.13, Monero’s XMR recovered to $94 levels before a late sell-off. The late sell-off saw Monero’s XMR fall through the first major support level and second major support level at $89.13.

Of greater significance on the day was the fall through the 23.6% FIB of $99.

For Monero’s XMR, the extended bearish trend formed at late April 2018’s swing hi $298 remained intact. The pullback through the 23.6% FIB of $99 reaffirmed the extended bearish trend, following 15th December’s swing lo $37.18.

For the bulls, a move back through the 23.6% FIB of $99 to $115 levels would be needed to support a run at $140 levels. A move through the 38.2% FIB would see Monero’s XMR form a near-term bullish trend.

At the time of writing, Monero’s XMR was up by 1.92% to $89.36. A relatively bullish day saw Monero’s XMR rise from a morning low $87.13 to a high $90.37 before easing back.

Monero’s XMR left the major support and resistance levels and the 23.6% FIB of $99 untested early on.

For the day ahead

A move through the morning high $90.37 to $91.6 levels would support a run at the first major resistance level at $96.50.

Monero’s XMR would need the support of the broader market, however, to break out from $92 levels on the day.

In the event of an extended crypto rally through the day, the 23.6% FIB of $99 would likely leave Monero’s XMR short of Sunday’s high $100.39.

Failure to move through to $91.6 levels could see Monero’s XMR hit reverse. A fall through the morning low $87.13 would bring the first major support level at $82.74 into play.

Barring another crypto meltdown, Monero’s XMR should steer clear of sub-$80 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $82.74

Major Resistance Level: $96.50

23.6% FIB Retracement Level: $99

38.2% FIB Retracement Level: $137

62% FIB Retracement Level: $198

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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