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Monero Technical Analysis – Looking to Make a Move – 02/07/18

Bob Mason
Updated

Key Highlights

  • Monero’s XMR slipped by 0.63% on Sunday, partially reversing Saturday’s 3.42% gain to end the day at $130.00.

  • A start of the day intraday high $133.73 fell short of the day’s first major resistance level at $135.48 in what was a relatively range bound start to the day.

  • An early afternoon pullback to an intraday low $125.46 saw Monero’s XMR fall through the day’s first major support level at $126.39 before recovering to $130 by the day’s end.

  • The moves through the weekend saw Monero’s XMR end the week with a 7.5% gain.

How to Buy Monero’s XMR

Monero’s XMR Price Resistance

Monero’s XMR slipped by 0.63% on Sunday, following Saturday’s 3.42% gain, to end the week up 7.5% at $130.

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In what turned out to be a relatively range bound day, not just for Monero’s XMR, but also the broader market, a start of the day $133.73 high came up short of the first major resistance level at $135.48 before easing back through the early morning to hover at around $130.

An early afternoon pullback saw Monero’s XMR fall through the day’s first major support level at $126.39 to an intraday low $125.46 before recovering to $130 by the close to log in solid gains for the week, the gains certainly on the higher side when compared with the top of the crypto table, by market cap.

At the time of writing, Monero’s XMR was up 0.17% to $129.62, with a start of the day high $132.94 falling short of the day’s first major resistance level at $134 before easing back to sub-$130 levels, the start of the day range bound yet again by historical standards, a morning low $127.82 steering well clear of the first major support level at $125.73.

For the day ahead, a run back through the morning high $132.94 would support a run at the day’s first major resistance level at $134, with sentiment across the broader market going against Monero’s XMR at the time of writing, with $130 likely to be a key level through the day, any break out from $130 supporting a bullish move through the day and first half of the week.

Failing to move back through to $130 levels and the morning high could see Monero’s XMR take a hit later in the day, with the day’s first major support level at $125.73 likely to be tested in the event of a broad based market sell-off through the early afternoon.

While the crypto bears remain firmly in control at the start of the 3rd quarter, we would expect Monero’s XMR to avoid more material declines, the current range bound moves suggesting that investors are in wait-and-see mode, leaving Monero’s XMR and the broader market in the hands of regulators, governments and ultimately the news wires.

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Looking at the Technical Indicators

Major Support Level: $125.73

Major Resistance Level: $134.00

Fib 23.6% Retracement Level: $152

Fib 38% Retracement Level: $180

Fib 62% Retracement Level: $225

This article was originally posted on FX Empire

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