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Monero Technical Analysis – The Search for $150 – 26/07/18

Bob Mason

Key Highlights

  • Monero’s XMR slid by 3.3% on Wednesday, following Tuesday’s 10.7% rally, to end the day at $143.12.
  • A start of the day intraday high $148.88 saw Monero’s XMR fall well short of the 23.6% FIB Retracement Level of $152 and the first major resistance level at $153.26.
  • Monero’s XMR slid through the morning to an intraday low $138.13 to test the first major support level at $138.21 before recovering to $140 levels with a rally through the late afternoon to the day’s end.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR fell by 3.3% on Wednesday, partially reversing Tuesday’s 10.7% jump, to end the day at $143.12.

An intraday high $148.88 came at the start of the day, off the back of Tuesday’s late in the day bounce through to $148 levels, leaving the day’s first major resistance level at $153.26 untested.

A shift in sentiment across the broader market weighed in the early hours, Monero’s XMR sliding through to a mid-afternoon intraday low $138.13 to test support at the first major support level at $138.21 before moving back through to $143 levels through the late afternoon.

For the bulls, Monero’s XMR continued failure to break through to $150 levels and breakout from the 23.6% FIB Retracement Level of $152 remains an issue, with the moves in the day leaving the bearish trend intact, in spite of Tuesday’s double digit gains and clear support at sub-$140 levels.

At the time of writing, Monero’s XMR was up 0.5% to $143.41, with momentum from a late recovery on Wednesday continuing into the early hours of this morning, driving Monero’s XMR through to a morning high $145.46 before easing back to $143 levels, the day’s first major resistance level at $148.6 left untested early on.

A morning low $142.59 came at the start of the day, holding well above the first major support level at $137.87.

For the day ahead, a move back through to $144 levels would support a run at the first major resistance level at $148.62, though Monero’s XMR will need to hold on to $143 levels through the morning to avoid a reversal through the afternoon, the bearish trend still intact in spite of the recent upward momentum, with Monero’s XMR continuing to fall short of $150 levels.

Failure to move back through to $144 levels later in the day could see Monero’s XMR continue reversing gains from the start of the day to bring sub-$140 levels into play, though based on current market conditions we would expect Monero’s XMR to sit at $140 levels by the day’s end.

For the bulls, the middle part of the week is proving to be a key moment, with any move back to sub-$140 levels likely to see the bears regain control to drive Monero’s XMR back towards the 22nd June swing lo $106.42.

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Looking at the Technical Indicators

Major Support Level: $137.87

Major Resistance Level: $148.62

Fib 23.6% Retracement Level: $152

Fib 38% Retracement Level: $180

Fib 62% Retracement Level: $225

This article was originally posted on FX Empire

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