- Monero’s XMR tumbled by 13.58% on Wednesday, following a 1.15% fall on Tuesday, to end the day at $88.84.
- An early morning intraday high $103.39 came up short of the first major resistance level at $104.14.
- A broad based cryptomarket sell-off weighed from late morning, with Monero’s XMR sliding through the major support levels to an intraday low $82.63 before finding support.
- The day’s reversal reaffirmed the extended bearish trend, formed at late April’s swing hi $298, while Monero’s XMR held above mid-August’s swing lo $77.62.
Monero’s XMR Price Support
Monero’s XMR slumped by 13.58% on Wednesday, following a 1.15% fall on Tuesday, to end the day at $88.84, the day’s loss amongst the largest seen across the cryptocurrency majors.
A relatively range bound start to the day saw Monero’s XMR rise to an early morning intraday high $103.39, falling short of $104 levels and the day’s first major resistance level at $104.14 before a late morning, broad based cryptomarket sell-off kicked in.
Monero’s XMR tumbled through the day’s major support levels to an intraday low $82.63 before steadying, with the sell-off being linked to uncertainty surrounding the Bitcoin Cash hard fork that could deliver more market disruption later in the day and quite possible through the remainder of the week.
While managing to avoid mid-August’s swing lo $77.62, the extended bearish trend was reaffirmed with the reversal bringing to an end a string of tight ranges by historical standards and leaving Monero’s XMR at sub-$90 levels for the first time since the summer sell-off.
At the time of writing, Monero’s XMR was down 0.33% to $88.55, with a start of a day move to a morning high $90.52 seeing Monero’s XMR hit resistance at $90 to pullback to a morning low $88.41 before steadying, moves through the early morning leaving the day’s major support and resistance levels untested.
For the day ahead, a move back through the morning high $90.52 to $91 levels would signal the start of a recovery from Wednesday’s sell-off, though we would expect Monero’s XMR to come up short of $100 levels and the day’s first major support level at $100.61, with the broader market likely to take its cue from BCH, which is deep in the red at the time of writing.
Failure to move back through to $90 levels could see Monero’s XMR take a bigger hit through the day, a pullback through the morning low $88.41 likely to bring Wednesday’s low $82.63 into play before any recover, sub-$80 support levels unlikely to be tested, barring materially negative news hitting the wires.
Looking at the Technical Indicators
Major Support Level: $
Major Resistance Level: $
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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