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Monero Technical Analysis – Resistance Tested Early – 22/01/19

Bob Mason

Key Highlights

  • Monero’s XMR rose by 1.33% on Monday, partially reversing a 5.1% slide on Sunday, to end the day at $44.03.
  • An early morning intraday low $43.25 steered clear of the day’s first major support level at $42.31.
  • A late afternoon intraday high $44.36 came up short of the first major resistance level at $45.13 before easing back.
  • The extended bearish trend, formed at late April’s swing hi $298, remained firmly intact with Monero’s XMR falling 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 Resistance

Monero’s XMR gained 1.33% on Monday, partially reversing a 5.1% slide from Sunday, to end the day at $44.03.

A relatively range bound start to the day saw Monero’s XMR ease back to an early morning intraday low $43.25, steering clear of $42 levels and the first major support level at $42.31 before finding support.

Recovering through the morning and early afternoon, Monero’s XMR struck a late afternoon intraday high $44.36 before falling back to $43 levels, the day’s high coming up short of the first major resistance level at $45.15.

A late bounce back to $44 levels was a positive for the bulls, with Monero’s XMR also managing to avoid sub-$43 levels on the day.

For Monero’s XMR, the extended bearish trend formed at late April’s swing hi $298 remained firmly intact. Monero’s XMR continues to fall well short of the 23.6% FIB Retracement Level of $99, following 15th December’s swing lo $37.18 and losses since the start of the year.

At the time of writing, Monero’s XMR was up 0.89% to $44.42, with a bullish start to the day seeing Monero’s XMR rally from a start of a day morning low $44.06 to an early morning high $45.46. The early rally saw Monero’s XMR break through the first major resistance level at $44.51 and second major resistance level at $44.99 before sliding back to $44 levels.

For the day ahead, a hold onto $44 levels through the morning would support another break through the first major resistance level at $44.51 to bring the second major resistance level at $44.99 into play before any pullback. For another breakout to $45 levels, Monero’s XMR would need support from the broader market, a number of the majors struggling in the early hours, which would pin Monero’s XMR back should sentiment fail to improve.

Failure to hold onto $44 levels through the morning could see Monero’s XMR hit reverse later in the day, with the day’s first major support level at $43.40 very much in play in the event of a reversal. We would expect Monero’s XMR to steer clear of sub-$43 levels and the second major support level at $42.77, barring a broad based sell-off that would weigh.

Looking at the Technical Indicators

Major Support Level: $43.4

Major Resistance Level: $44.51

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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