Monero Technical Analysis – Support Levels in Play – 21/08/18

Fibo Quantum

Key Highlights

  • Monero’s XMR slid by 6.46% on Monday, following Sunday’s 1.07% rise, to end the day at $92.5.
  • An early morning rally saw Monero’s XMR break through the first major resistance level at $100.5 to an intraday high $103.
  • A broad based market sell-off saw Monero’s XMR slide through first major support level at $95.91 to an intraday low $92.32, calling on support at the second major support level at $92.94.
  • The moves through the day reaffirmed the extended bearish trend formed at late April’s swing hi $298.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR slid by 6.46% on Monday, more than reversing Sunday’s 1.07% gain, to end the day at $92.5.

Sunday’s late in the day recovery continued into the early hours of Monday, with Monero’s XMR rallying through the first major resistance level at $100.5 to an intraday low $103 before succumbing to market forces.

Negative sentiment across the broader market weighed, with Monero’s XMR sliding through the first major support level at $95.91 to an early afternoon low $94.99 before steadying.

Moving back through to $100 levels saw Monero’s XMR face strong resistance at the day’s first major resistance level at $100.5, with a late in the day sell-off across the crypto majors seeing Monero’s XMR slide back through the first major support level at $95.91 to an intraday low $92.32, calling on support at the second major support level at $92.94.

Following Tuesday’s new swing lo $77.62, the reversal at the start of the week continued to reaffirm the extended bearish trend formed at late April’s swing hi $298, with Monero’s XMR now having failed to test selling pressure at the 23.6% FIB Retracement Level of $130 since 2nd August.

At the time of writing, Monero’s XMR was up 0.36% to $93.02, with a range bound start to the day, relative to the broader market, seeing Monero’s XMR move from a start of a day morning low $92.28 to a morning high $93.71 before easing back, the moves through the morning leaving the major support and resistance levels left untested.

For the day ahead, a move through $95.94 to $96 levels would support a run at the first major resistance level at $99.56 to bring $100 levels into play, though sentiment across the broader market will need to improve, following Monday’s sell-off, to support a run at $96 levels later in the day, while resistance will likely to build as the day progresses.

Failure to move through the morning high $93.71 to $95 levels could see Monero’s XMR hit reverse later in the day, with a pullback through the morning low $92.28 bringing sub-$90 support levels into play, though for Monero’s XMR to call on support at the first major support level at $88.88, sentiment across the broader market will need to materially deteriorate through the day.

Holding on to $93 levels through the morning will be key for the crypto bulls.

Looking at the Technical Indicators

Major Support Level: $88.88

Major Resistance Level: $99.56

Fib 23.6% Retracement Level: $130

Fib 38% Retracement Level: $162

Fib 62% Retracement Level: $214

Wood Profits Banner>