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Monero Technical Analysis – Support Levels in Play – 13/08/19

Bob Mason

Key Highlights

  • Monero’s XMR fell by 0.57% on Monday. Partially reversing a 2.47% fall from Sunday, Monero’s XMR ended the day at $91.17.
  • An early morning intraday high $91.88 saw Monero’s XMR fall well short of the first major resistance level at $93.36.
  • A mid-day intraday low $90.08 saw Monero’s XMR fall through the first major support level at $90.49.
  • The extended bearish trend, formed at late April 2018’s swing hi $298, remained firmly intact. The July reversal through the 23.6% FIB of $99 reaffirmed the extended bearish trend after Monero’s XMR had continued to fall short of the 38.2% FIB of $137.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR fell by 0.57% on Monday. Partially reversing a 2.47% gain from Sunday, Monero’s XMR ended the day at $91.17.

A mixed start to the day saw Monero’s XMR strike an early morning intraday high $91.88 before hitting reverse.

Falling well short of the first major resistance level at $93.36, Monero’s XMR fell to a mid-day intraday low $90.08.

The pullback saw Monero’s XMR fall through the first major support level at $90.49 before finding support.

Steering clear of sub-$90 levels, Monero’s XMR managed to bounce back to a $91.7 levels late in the day before easing back. On the day, avoiding a fall through to sub-$90 was key.

For Monero’s XMR, the extended bearish trend formed at late April 2018’s swing hi $298 remained intact. The July fall back through the 23.6% FIB of $99 reaffirmed the extended bearish trend, following 15th December’s swing lo $37.18. Ahead of the pullback, Monero’s XRM had also failed to break through the 38.2% FIB of $137 to take a run at the 62% FIB of $198.

For the bulls, a move back through to $115 levels would be needed to support a run at $140 levels. A move through the 38.2% FIB would see Monero’s XMR form a near-term bullish trend.

At the time of writing, Monero’s XMR was down by 0.52% to $90.70. A bearish start to the day saw Monero’s XMR fall from a morning high $91.64 to a low $90.70.

Monero’s XMR left the major support and resistance levels untested early on.

For the day ahead

Monero’s XMR would need to move back through the morning high $91.64 to take a run at the first major resistance level at $92.

Support from the broader market would be needed, however, for Monero’s XMR to break through to $91 levels.

Barring a broad-based crypto rally, Monero’s XMR would likely come up short of $93 levels on the day. Monday’s high $91.88 and the first major resistance level at $92 would likely limit any upside.

Failure to move through the morning high could see Monero’s XMR fall deeper into the red. A fall through the morning low $90.70 would bring the first major support level at $90.21 into play.

Barring an extended crypto sell-off, however, Monero’s XMR should steer clear of sub-$90 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $90.21

Major Resistance Level: $92.01

23.6% FIB Retracement Level: $99

38.2% FIB Retracement Level: $137

62% FIB Retracement Level: $198

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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