Yahoo Finance 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.
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.
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
