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Monero Technical Analysis – Eyeing Resistance Levels – 14/09/18

Bob Mason
Updated

Key Highlights

  • Monero’s XMR rallied by 7.32% on Thursday, reversing Wednesday’s 1.11% fall, to end the day at $112.

  • A start of a day intraday low $104.36 saw Monero’s XMR steer well clear of the day’s first major support level at $98.66, supported by a late recovery on Wednesday.

  • Monero’s XMR rallied to an early afternoon intraday high $116.66, breaking through the first major resistance level at $107.79 and second major resistance level at $111.23, before easing back to $112 levels by the day’s end.

  • In spite of the day’s rally, Monero’s XMR continued to fall short of the 23.6% FIB Retracement Level, leaving the extended bearish trend intact.

How to Buy Monero’s XMR

Monero’s XMR Price Resistance

Monero’s XMR rallied by 7.32% on Thursday, more than reversing Wednesday’s 1.11% fall, to end the day at $112.

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Upward momentum from a late Wednesday recovery continued into Thursday, with Thursday’s opening price $104.36 also being the intraday low of the day, Monero’s XMR holding well above the day’s first major support level at $98.66.

Following a relatively range bound early part of the morning, a broad based market rally saw Monero’s XMR break through the first major resistance level at $107.79 and second major resistance level at $111.23 to an early afternoon intraday high $116.66 before easing back through the late evening, with Monero’s XMR managing to close out the day above the first and second major resistance levels.

While Thursday’s rally certainly relieved investors of some of the heavy losses from the previous week, Monero’s XMR continued to fall well short of the 23.6% FIB Retracement Level, leaving the extended bearish trend formed at late April’s swing hi $298 firmly intact.

At the time of writing, Monero’s XMR was up 3.45% to $115.86, with Monero’s XMR moving from a start of a day dip to a morning low $111 to an early morning high $116.8, before easing back, the moves through the early morning leaving the day’s major support and resistance levels left untested.

For the day ahead, a move back through the morning high $116.8 would support a run at $117 levels to bring the day’s first major resistance level at $117.65 into play, though for Monero’s XMR to maintain momentum through the second half of the day, holding on to $115 levels will be needed through the morning.

Failure to move back through to $116 levels could see Monero’s XMR hit reverse later in the day, with any broad based market sell-off likely to see Monero’s XMR pullback through the morning low $111 to bring sub-$110 levels into play, though we would expect Monero’s XMR to steer clear of the day’s first major support level at $105.35, barring particularly negative news hitting the wires later in the day.

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Looking at the Technical Indicators

Major Support Level: $105.35

Major Resistance Level: $17.65

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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