Advertisement
Canada markets closed
  • S&P/TSX

    22,167.03
    +59.95 (+0.27%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • DOW

    39,807.37
    +47.29 (+0.12%)
     
  • CAD/USD

    0.7383
    -0.0004 (-0.05%)
     
  • CRUDE OIL

    83.11
    -0.06 (-0.07%)
     
  • Bitcoin CAD

    95,118.17
    -761.50 (-0.79%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • GOLD FUTURES

    2,254.80
    +16.40 (+0.73%)
     
  • RUSSELL 2000

    2,124.55
    +10.20 (+0.48%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • NASDAQ

    16,379.46
    -20.06 (-0.12%)
     
  • VOLATILITY

    13.01
    0.00 (0.00%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • NIKKEI 225

    40,369.44
    +201.37 (+0.50%)
     
  • CAD/EUR

    0.6832
    -0.0011 (-0.16%)
     

Monero Technical Analysis – Resistance Tested Early – 22/01/19

Key Highlights

  • Monero’s XMR rose by 1.33% on Monday, partially reversing a 5.1% slide on Sunday, to end the day at $44.03.

  • An early morning intraday low $43.25 steered clear of the day’s first major support level at $42.31.

  • A late afternoon intraday high $44.36 came up short of the first major resistance level at $45.13 before easing back.

  • The extended bearish trend, formed at late April’s swing hi $298, remained firmly intact with Monero’s XMR falling well short of the 23.6% FIB of $99, following 15th December’s swing lo $37.18.

How to Buy Monero’s XMR

Monero’s XMR Price Resistance

Monero’s XMR gained 1.33% on Monday, partially reversing a 5.1% slide from Sunday, to end the day at $44.03.

ADVERTISEMENT

A relatively range bound start to the day saw Monero’s XMR ease back to an early morning intraday low $43.25, steering clear of $42 levels and the first major support level at $42.31 before finding support.

Recovering through the morning and early afternoon, Monero’s XMR struck a late afternoon intraday high $44.36 before falling back to $43 levels, the day’s high coming up short of the first major resistance level at $45.15.

A late bounce back to $44 levels was a positive for the bulls, with Monero’s XMR also managing to avoid sub-$43 levels on the day.

For Monero’s XMR, the extended bearish trend formed at late April’s swing hi $298 remained firmly intact. Monero’s XMR continues to fall well short of the 23.6% FIB Retracement Level of $99, following 15th December’s swing lo $37.18 and losses since the start of the year.

At the time of writing, Monero’s XMR was up 0.89% to $44.42, with a bullish start to the day seeing Monero’s XMR rally from a start of a day morning low $44.06 to an early morning high $45.46. The early rally saw Monero’s XMR break through the first major resistance level at $44.51 and second major resistance level at $44.99 before sliding back to $44 levels.

For the day ahead, a hold onto $44 levels through the morning would support another break through the first major resistance level at $44.51 to bring the second major resistance level at $44.99 into play before any pullback. For another breakout to $45 levels, Monero’s XMR would need support from the broader market, a number of the majors struggling in the early hours, which would pin Monero’s XMR back should sentiment fail to improve.

Failure to hold onto $44 levels through the morning could see Monero’s XMR hit reverse later in the day, with the day’s first major support level at $43.40 very much in play in the event of a reversal. We would expect Monero’s XMR to steer clear of sub-$43 levels and the second major support level at $42.77, barring a broad based sell-off that would weigh.

Looking at the Technical Indicators

Major Support Level: $43.4

Major Resistance Level: $44.51

Fib 23.6% Retracement Level: $99

Fib 38% Retracement Level: $137

Fib 62% Retracement Level: $198

This article was originally posted on FX Empire

More From FXEMPIRE: