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Monero Technical Analysis – Eyeing a Recovery – 30/10/18

Bob Mason
Updated

Key Highlights

  • Monero’s XMR slid by 3.16% on Monday, reversing Sunday’s 0.85% gain, to end the day at $100.66

  • A start of a day intraday high $103.95 came up well short of the day’s first major resistance level at $105.04.

  • A news driven cryptomarket sell-off saw Monero’s XMR slide through the day’s first major support level at $102.16 and second major support level at $100.37 to an intraday low $99.5 before recovering to $100 levels by the day’s end

  • The day’s moves saw Monero’s XMR continue to fall short of the 23.6% FIB Retracement Level, leaving the extended bearish trend firmly intact.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR slid by 3.16% on Monday, reversing Sunday’s 0.85% gain, to end the day at $100.66.

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A bearish start to the day saw Monero’s XMR pullback to $102 levels ahead of a broad based cryptomarket sell-off in the late morning that was driven by news of MapleChange, a small Canadian crypto exchange, becoming the latest victim of a theft.

The late morning sell-off saw Monero’s XMR slide through the first major support level at $102.16 and second major support level at $100.37 to an intraday low $99.5 before finding support. An early afternoon recovery to $101 levels was as good as it got, with a late reversal seeing Monero’s XMR call on sub-$100 support levels to end the day at $100.66.

Monday’s reversal reaffirmed the extended bearish trend formed at late April’s swing hi $298, with Monero’s XMR continuing to fall well short of the 23.6% FIB Retracement Level of $130.

At the time of writing, Monero’s XMR was up 0.14% to $100.67, with a range bound start to the day seeing Monero’s XMR move from a morning low $100.57 to a morning high $100.67, the moves through the early morning leaving the major support and resistance levels untested, as Monday’s price action washes out across the broader market.

For the day ahead, a break out from the current ranges through $101.37 would support a run at $102 to levels to bring the day’s first major resistance level at $103.24 into play, with the news wires needing to be crypto friendly to support a recovery of Monday’s losses, some chatter on the latest theft likely to continue influencing later in the day.

Failure to break out from the current ranges to $101 levels could see Monero’s XMR move into reverse later in the day, with a pullback through the morning low $100.57 bringing sub-$100 levels into play, while we would expect Monero’s XMR to steer clear of the first major support level at $98.79, barring particularly negative news hitting the wires.

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Looking at the Technical Indicators

Major Support Level: $98.79

Major Resistance Level: $103.24

Fib 23.6% Retracement Level: $130

Fib 38% Retracement Level: $162

Fib 62% Retracement Level: $214

This article was originally posted on FX Empire

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