Yahoo Finance Monero Technical Analysis – Testing Support Levels – 25/09/18
Key Highlights
Monero’s XMR fell by 5.89% on Monday, following Sunday’s 0.53% fall, to end the day at $114.82.
The day’s major resistance levels were left untested, with Monero’s XMR pulling back from an early morning high $123.39 that came up well short of the first major support level at $126.63.
A bearish day saw Monero’s XMR fall through the day’s first major support level at $118.62 and second major support level at $115.38 to an intraday low $114.06 late in the day.
The day’s reversal saw Monero’s XMR continue to fall short of the 23.6% FIB Retracement Level, leaving the extended bearish trend intact.
Monero’s XMR Price Support
Monero’s XMR slid by 5.89% on Monday, following Sunday’s 0.53% fall, to end the day at $114.82, the day’s losses wiping out last week’s 4.3% gain.
Tracking the broader market, Monero’s XMR tumbled from an early morning intraday high $123.26 to a late morning low $115.86, the reversal seeing Monero’s XMR fall through the day’s first major support level at $118.62 before finding support at the second major support level at $115.38.
Monero’s XMR managed to recover to an early afternoon high $119.88 before hitting reverse through the late part of the day, a second broad based market sell-off seeing Monero’s XMR fall back through the day’s first major support level at $118.62 and second major support level at $115.38 to an intraday low $114.06 before steadying.
For the crypto bulls, the only good news of the day was a recovery back through the second major support level of the day, the extended bearish trend still firmly intact, with Monero’s XMR continuing to fall well short of the 23.6% FIB Retracement Level of $130.
At the time of writing, Monero’s XMR was down 0.53% to $114.21, with Monero’s XMR seeing late Monday’s sell-off continuing into the early hours of this morning.
Monero’s XMR fell to an early morning low $111.45 to call on support at the first major support level at $111.5 to recover to a morning high $115.35 that saw Monero’s XMR move into positive territory before easing back to $114 levels.
For the day ahead, a move back through to $115 levels and the morning high $115.35 would support a run at $117 levels, though with the bearish sentiment across the broader market through the morning, breaking back through to $117 levels could be a tall order on the day, with the day’s first major resistance level at $120.7 unlikely to be tested.
Failure to move back through to $115 levels could see Monero’s XMR take another hit later in the day, with any move back through the morning low $111.45 bringing sub-$110 levels and the day’s second major support level ate $108.18 into play before any recovery.
Looking at the Technical Indicators
Major Support Level: $111.50
Major Resistance Level: $120.70
Fib 23.6% Retracement Level: $130
Fib 38% Retracement Level: $162
Fib 62% Retracement Level: $214
This article was originally posted on FX Empire
