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Monero Technical Analysis – In the Need of Support – 07/11/18

Bob Mason

Key Highlights

  • Monero’s XMR gained 0.89% on Tuesday, reversing Monday’s 0.37% gain, to end the day at $112.84.
  • A morning rally saw Monero’s XMR strike an intraday high $113.43 to come up against the day’s first major resistance level at $113.41 before hitting reverse.
  • The late morning reversal saw Monero’s XMR pullback to an intraday low $110.23, steering clear of the day’s first major support level at $109.50, before moving back through to $112 levels.
  • The day’s moves saw Monero’s XMR continue to fall short of the 23.6% FIB Retracement Level, leaving the extended bearish trend firmly intact.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR gained just 0.89% on Tuesday, reversing a 0.37% from Monday, to end the day at $112.84.

A relatively choppy day saw Monero’s XMR rally to a mid-morning intraday high $113.43, with Monero’s XMR coming up against the day’s first major resistance level at $113.41 before pulling back through the late morning and early afternoon to an intraday low $110.23.

Steering clear of the day’s first major support level at $109.50, support from the broader market kicked in late in the day, with Monero’s XMR moving back through to $112 levels and into positive territory by the day’s end.

The minor gains through the day continued to reaffirm the extended bearish trend formed back at late April’s swing hi $298, with Monero’s XMR falling well short of the 23.6% FIB Retracement Level of $130 last breached back in early September.

At the time of writing, Monero’s XMR was down 1.44% to $111.22, with an early morning move seeing Monero’s XMR rally to a morning high $113.5 before hitting reverse to slide to an early morning low $111.18, the moves through the early morning leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to $112 levels would support an afternoon recovery to bring the morning’s $113.5 high into play, with sentiment across the broader market to dictate whether $114 levels and the day’s first major resistance level at $114.1 will be in play, Bitcoin Cash needing to recover the morning’s losses to drive the broader market later in the day.

Failure to move back through to $112 levels could see Monero’s XMR fall deeper into the red later in the day, with the day’s first major support level at $110.90 very much in play, while we would expect Monero’s XMR to steer clear of sub-$110 levels, barring material negative news hitting the wires.

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Looking at the Technical Indicators

Major Support Level: $110.90

Major Resistance Level: $114.10

Fib 23.6% Retracement Level: $130

Fib 38% Retracement Level: $162

Fib 62% Retracement Level: $214

This article was originally posted on FX Empire

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