Monero Technical Analysis – Support Levels in Play – 21/03/19

Key Highlights

• Monero’s XMR gained 2.53% on Wednesday. Following on from a 1.92% rise from Tuesday, Monero’s XMR ended the day at $53.96.

• An early morning intraday low $52.12 saw Monero’s XMR hold above the day’s first major support level at $51.59.

• A late intraday high $54.68 saw Monero’s XMR breakthrough the first major resistance level at $53.42 and second major resistance level at $54.23.

• 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 15^th December’s swing lo $37.18.

How to Buy Monero’s XMR

Monero’s XMR Price Resistance

Monero’s XMR gained 2.53% on Wednesday. Following on from a 1.92% gain from Tuesday, Monero’s XMR ended the day at $53.96.

A relatively bearish start to the day saw Monero’s XMR fall to an early morning intraday low $52.12 before finding support.

Monero’s XMR held above the first major support level at $51.59 before bouncing back through the remainder of the day.

The 2^nd half of a day rally saw Monero’s XMR strike a late intraday high $54.68 before easing back. Monero’s XMR broke through the first major resistance level at $53.42 and second major resistance level at $54.23.

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 15^th December’s swing lo $37.18.

For the bulls, Monero’s XMR saw another positive first half of the week, following a 3^rd consecutive week in the green last week. The upward momentum has given Monero’s XRM a 19.14% gain year-to-date.

At the time of writing, Monero’s XMR was down by 0.76% to $53.55. Moves in the early hours saw Monero’s XMR fall from a morning high $54.24 to a low $53.46 before steadying. The day’s major support and resistance levels were left untested early on.

For the day ahead,

A move through to $53.60 levels would signal a recovery later in the day. A breakthrough to $54 levels would bring the first major resistance level at $55.05 into play. Support from the broader market would be needed, however, for Monero’s XMR to break through to $54 levels.

Failure to move through $53.60 to $54 levels could see Monero’s XMR fall deeper into the red. A pullback through the morning low $53.46 would bring $52 levels into play before any recovery. Barring a crypto meltdown, we would expect sub-$52 support levels to be left untested on the day. The first major support level at $52.49 would likely limit the downside in the event of a sell-off.

Looking at the Technical Indicators

Major Support Level: $52.49

Major Resistance Level: $55.05

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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