New Zealand Markets closed

Monero Technical Analysis – Support Levels in Play – 29/08/18

Bob Mason

Key Highlights

  • Monero’s XMR gained 1.74% on Tuesday, following on from Monday’s 11.72% rally, to end the day at $107.44.
  • An early afternoon intraday low $102.19 saw Monero’s XMR steer clear of the day’s first major support level at $96.6 before recovering.
  • A late in the day intraday high $108.17 fell short of the day’s first major resistance level at $111.11.
  • In spite of the gains through the early part of the week, Monero XMR’s extended bearish trend remained intact, with Monero’s XMR continuing to fall short of the 23.6% FIB Retracement Level of $130.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR gained 1.74% on Tuesday, following on from Monday’s 11.72% rally, to end the day at $107.44.

A positive start to the day saw Monero’s XMR move through to a morning high $106.22 before easing back in the early afternoon to an intraday low $102.19, the moves through the first half of the day seeing Monero’s XMR steer clear of the day’s major support and resistance levels, while holding on to $100 levels following Monday’s rally.

Support through the afternoon, coming off the back of a broad based market recovery, Monero’s XMR moving through to a late in the day intraday high $108.17 before easing back, Monero’s XMR hitting its highest intraday high since 7th August’s $118.

In spite of the positive start to the week, Monero’s XMR continued to fall well short of the 23.6% FIB Retracement Level of $130 to leave the extended bearish trend, formed at late April’s $298, firmly intact, with a move through to $160 levels needed for Monero’s XMR to begin forming a bearish trend reversal.

At the time of writing, Monero’s XMR was down 1.34% at $106.06, with Monero’s XMR pulling back from an early morning $108.44 high to a morning low $105.36 before steadying.

The moves through the early morning left the day’s major support and resistance levels untested, Monero’s XMR tacking the broader cryptomarket into the red through the start of the day.

For the day ahead, holding on to $106 levels would support a second half of a day recovery, with a move back through the morning high $108.44 bringing $109 levels and the day’s first major resistance level at $109.68 into play, though sentiment across the broader market will need to materially improve for Monero’s XMR to recover from the early losses.

Failure to hold on to $106 levels could see Monero’s XMR pullback through the morning low $105.36 to $104 levels, with the day’s first major support level at $103.7 in play should the morning’s reversal continue into the afternoon.

{alt}

Looking at the Technical Indicators

Major Support Level: $88.88

Major Resistance Level: $99.56

Fib 23.6% Retracement Level: $130

Fib 38% Retracement Level: $162

Fib 62% Retracement Level: $214

This article was originally posted on FX Empire

More From FXEMPIRE: