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Monero Technical Analysis – Resistance Levels in Play – 02/05/19

Bob Mason
  • Monero’s XMR rose 4.3% on Wednesday. Following on from a 2.91% gain on Tuesday, Monero’s XMR ended the day at $64.76.
  • A start of a day intraday low $62.07 saw Monero’s XMR hold above the day’s first major support level at $60.30.
  • A late in the day intraday high $64.79 saw Monero’s XMR break through the first major resistance level at $62.80 and second major resistance level at $63.71.
  • 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 rallied by 4.3% on Wednesday. Following on from a 2.91% gain on Tuesday, Monero’s XMR ended the day at $64.76.

A relatively bullish start to the day saw Monero’s XMR break through the first major resistance level at $62.80 to hit a morning high $63.59.

Pulling back through the morning, Monero’s XMR fell to a mid-day intraday low $62.07 before finding support.

Steering clear of the first major support level at $60.30, Monero’s XMR rallied to a late intraday high $64.79.

The afternoon rally saw Monero’s XMR break through the first major resistance level at $62.80 and second major resistance level at $63.71.

While Wednesday’s rally marked a 3rd consecutive day in the green for Monero’s XMR, Monero’s XMR continued to fall well short of the current year high $77.88 struck on 2nd April.

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.

At the time of writing, Monero’s XMR was up 0.02% to $64.77. A mixed start to the day saw Monero’s XMR recover from a morning low $63.84 to strike a morning high $64.84 before easing back.

Monero’s XMR left the major support levels untested through the early hours.

For the day ahead,

A move through to $65.2 levels would be needed to support a 4th consecutive day in the green. A breakthrough to $65 levels would bring the first major resistance level at $65.68 into play.

Support from the broader market would be needed, however, for Monero’s XMR to breakout from Wednesday’s high $64.79.

Barring a broad-based crypto rally, Monero’s XMR would likely struggle to break through to $66 levels on the day.

Failure to move through $65.2 levels could see Monero’s XMR slide back into the red. A fall through the morning low $63.84 would bring the first major support level at $62.96 into play.

Barring a crypto meltdown, Monero’s XMR will steer clear of sub-$62 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $62.96

Major Resistance Level: $65.68

23.6% FIB Retracement Level: $99

38.2% FIB Retracement Level: $137

62% FIB Retracement Level: $198

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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