Monero Technical Analysis – Resistance Levels in Play – 21/06/19
Key Highlights
Monero’s XMR rallied by 4.61% on Thursday. Following on from a 3.8% gain on Wednesday. Monero’s XMR ended the day at $105.24.
An early morning intraday low $100.16 saw Monero’s XMR hold above the first major support level at $96.85.
A late intraday high $108.99 saw Monero’s XMR break through the first major resistance level at $103.12 and second major resistance level at $105.9.
The extended bearish trend, formed at late April’s swing hi $298, remained firmly intact. Monero’s XMR continued to fall well short of the 38.2% FIB of $137, following 15th December’s swing lo $37.18.
Monero’s XMR Price Resistance
Monero’s XMR rallied by 4.61% on Thursday. Following on from a 3.95% gain from Wednesday, Monero’s XMR ended the day at $105.24.
A bullish morning saw Monero’s XMR rally from an early intraday low $100.16 to a late morning high $107.0.
Steering clear of the major support levels, Monero’s XMR broke through the first major resistance level at $103.12 and second major resistance level at $105.90.
A late morning pullback saw Monero’s XMR fall back to $100 levels before rallying to a late intraday high $108.99.
Monero’s XMR managed to break back through the first and second major resistance levels before easing back through the second major resistance level.
Of greater significance on the day was a hold above the 23.6% FIB of $99.
For Monero’s XMR, the extended bearish trend formed at late April 2018’s swing hi $298 remained intact. Monero’s XMR continued to fall short of the 38.2% FIB Retracement Level of $137, following 15th December’s swing lo $37.18.
For the bulls, this week’s breakthrough to $100 levels continues to support a run at $140 levels. A move through the 38.2% FIB would see Monero’s XMR form a near-term bullish trend.
At the time of writing, Monero’s XMR was up by 2.61% to $107.99. A particularly bullish start to the day saw Monero’s XMR rally from a morning low $105.3 to a high $108.41.
In spite of the early breakout, Monero’s XMR came up short of the first major resistance level at $109.43.
For the day ahead
A move back through the morning high $108.41 would give Monero’s XMR another run at $109 levels later in the day.
Monero’s XMR would need the support of the broader market, however, to take a run at the first major resistance level at $109.43.
In the event of a broad-based rally, Monero’s XMR could strike $110 levels before any pullback.
Failure to move back through the morning high $108.41 could see Monero’s XMR cough up some of the morning gains.
A fall through $104.80 levels would bring the first major support level at $100.60 into play before any recovery.
Barring a crypto meltdown, Monero’s XMR would likely steer clear of the 23.6% FIB of $99 on the day.
Looking at the Technical Indicators
Major Support Level: $100.60
Major Resistance Level: $109.43
23.6% FIB Retracement Level: $99
38.2% FIB Retracement Level: $137
62% FIB Retracement Level: $198
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Thanks, Bob
This article was originally posted on FX Empire
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