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Monero Technical Analysis – Price Resistance in Sight – 30/01/19

Bob Mason

Key Highlights

  • Monero’s XMR fell by 0.99% on Tuesday, following on from a 6.26% slide on Monday, to end the day at $42.85.
  • A mid-morning intraday low $42.31 steered clear of the day’s first major support level at $41.78.
  • A late afternoon intraday high $43.62 came up short of the first major resistance level at $45.28 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 Support

Monero’s XMR fell by 0.99% on Tuesday, following on from a 6.26% slide on Monday, to end the day at $42.85.

Tracking the broader market through the morning, Monero’s XMR fell to a mid-morning intraday low $42.31 before finding support, Monero’s XMR steering clear of the first major support level at $41.78.

Bouncing back through the late morning, Monero’s XMR rallied to an intraday high $43.62 before falling back to $42 levels. Unable to break through to $43.95 levels, Monero’s XMR failed to draw investors in to support a run at the first major resistance level at $45.28 on the day, the bearish sentiment across the broader market weighing in the wake of Monday’s sell-off.

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 0.68% to $43.14, with Monero’s XMR recovering from a start of a day morning low $42.26 to strike a morning high $43.14.The early slide saw Monero’s XMR call on support at the first major support level at $42.23 before rallying to $43 levels.

For the day ahead, a hold onto $43 levels through the morning would support a run at the first major resistance level at $43.54. A broad-based crypto rally would be needed for Monero’s XMR to take a run at $44 levels and the second major resistance level at $44.24. Tuesday’s high $43.62 will likely pin Monero’s XMR back from $44 levels, in the event that the broader market fails to gain momentum through the day.

Failure to hold onto $43 levels could see Monero’s XMR slide back through to $42 levels to test the first major support level at $42.23 for the 2nd time in the day. Heavier losses and a visit to $41 levels to test the second major support level at $41.62 would be likely in the event of a crypto sell-off later in the day.

Looking at the Technical Indicators

Major Support Level: $42.23

Major Resistance Level: $43.54

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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