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Monero Technical Analysis – Resistance Levels in Play – 13/03/19

Bob Mason

Key Highlights

  • Monero’s XMR gained 2.37% on Tuesday. Following on from a 0.49% rise from Monday, Monero’s XMR ended the day at $49.7.
  • An early morning intraday low $47.85 saw Monero’s XMR slide through the day’s first major support level at $48.39.
  • An early afternoon intraday high $50.14 saw Monero’s XMR come breakthrough the first major resistance level at $50.04.
  • 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 23.6% FIB of $99, following 15th December’s swing lo $37.18.

How to Buy Monero’s XMR

Monero’s XMR Price Resistance

Monero’s XMR gained 2.37% on Tuesday. Following on from a 0.49% rise on Monday, Monero’s XMR ended the day at $49.7

A particularly bearish start to the day saw Monero’s XMR slide to an early morning intraday low $47.85.

The sell-off saw Monero’s XMR fall through the first major support level at $48.39 before bouncing back.

Finding support from the broader market, Monero’s XMR rallied to an early afternoon intraday high $50.14.

Monero’s XMR broke through the first major resistance level at $50.04 before easing back to sub-$50 levels. The breakthrough to $50 level was the first since late February’s current year high $55.80.

For Monero’s XMR, 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 23.6% FIB Retracement Level of $99, following 15th December’s swing lo $37.18.

For the bulls, Monero’s XMR is targeting a 3rd consecutive week in the green. The gains have been minor, however, barely reversing an early January sell-off.

At the time of writing, Monero’s XMR was up by 2.01% to $50.70.  Choppy start to the day saw Monero’s XMR fall to an early morning low $49.8 before rallying to a morning high $50.72.

The moves through the early morning saw Monero’s XMR break through the first major resistance level at $50.61. The day’s major support levels were left untested early on in the day.

For the day ahead,

A hold above the first major resistance level at $50.61 would support a run at $51 levels later in the day. Support from the broader market would be needed, however, for Monero’s XMR to take a run at the second major resistance level at $51.52. In the event of a broad-based crypto rally, $52 levels could come into play before any pullback.

Failure to hold above the first major resistance level could see Monero’s XMR hit reverse later in the day. A fall through to $49 levels would be likely before any recovery. Barring a broad-based crypto sell-off, we would expect Monero’s XMR to steer clear of the first major support level at $48.32. In the event of a sell-off, Monero’s XMR could fall through to sub-$48 levels before any recovery.

Looking at the Technical Indicators

Major Support Level: $48.32

Major Resistance Level: $50.61

23.6% FIB Retracement Level: $99

38.2% FIB Retracement Level: $137

62% FIB Retracement Level: $198

This article was originally posted on FX Empire

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