Yahoo Finance Monero Technical Analysis – Resistance Levels in Play – 05/06/19
Key Highlights
Monero’s XMR slid by 5.91% on Tuesday. Following on from a 6.56% fall on Monday, Monero’s XMR ended the day at $83.44.
A start of the day intraday high $88.68 saw Monero’s XMR come up well short of the first major resistance level at $93.42.
A late in the day intraday low $80.93 saw Monero’s XMR fall through the first major support level at $86.21 and second major support level at $83.74
The extended bearish trend, formed at late April’s swing hi $298, remained firmly intact. Monero’s XMR continued to fail to break out from the 23.6% FIB of $99, following 15th December’s swing lo $37.18.
Monero’s XMR Price Support
Monero’s XMR fell by 5.91% on Tuesday. Following on from a 6.56% fall on Monday, Monero’s XMR ended the day at $83.44.
A choppy start to the day saw Monero’s XMR recover from a start of a day dip to $84.41 to an intraday high $88.68.
The early pullback saw Monero’s XMR fall through the first major support level at $86.21.
Relatively range-bound through the late morning and early afternoon, Monero’s XMR found support from the first major support level to strike an afternoon high $87.78 before hitting reverse.
A late broad-based crypto sell-off led to a slide through to an intraday low $80.93. Monero’s XMR slid back through the first major support level at $86.21 and second major support level at $83.74.
A 2nd day of heavy losses left Monero’s XMR well short of the 23.6% FIB Retracement Level of $99.
For Monero’s XMR, the extended bearish trend formed at late April’s swing hi $298 remained intact. Monero’s XMR continued to fall short of the 23.6% FIB Retracement Level of $99, following 15th December’s swing lo $37.18.
At the time of writing, Monero’s XMR was up by 2.56% to $85.58. A relatively bullish start to the day saw Monero’s XMR rise from a morning low $83.26 to a high $86.14.
In spite of the early moves, Monero’s XMR left the major support and resistance levels untested.
For the day ahead,
A move back through to $86 levels would support a run at the first major resistance level at $87.77.
Monero’s XMR would need support from the broader market, however, to break out from the early high $86.14.
In the event of a broad-based crypto rally, Monero’s XMR could move back through to $88 levels before any pullback.
Failure to move back through to $86 levels could see Monero’s XMR give up the morning gains.
A pullback through to $84.4 levels would bring $82 levels into play before any recovery. Barring another crypto sell-off, Monero’s XMR would likely steer clear of the first major support level at $80.02.
Looking at the Technical Indicators
Major Support Level: $80.02
Major Resistance Level: $87.77
23.6% FIB Retracement Level: $99
38.2% FIB Retracement Level: $137
62% FIB Retracement Level: $198
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Thanks, Bob
This article was originally posted on FX Empire
