Yahoo Finance Monero Technical Analysis – In Need of Support – 06/09/18
Key Highlights
Monero’s XMR tumbled by 16.69% on Wednesday, following Tuesday’s 2.21% gain, to end the day at $114.97.
An early morning intraday high $140.17 saw Monero’s XMR come within reach of the first major resistance level at $140.72 before sliding.
A broad based market sell-off saw Monero’s XMR fall through the day’s major support levels to a late in the day intraday low $113.5 before steadying.
The day’s reversal was attributed to negative news hitting the wires, leaving Monero’s XMR extended bearish trend firmly intact.
Monero’s XMR Price Support
Monero’s XMR tumbled by 16.69% on Wednesday, following Tuesday’s 2.21% gain, to end the day at $114.97.
Through the early hours of the morning, Monero’s XMR broke through to $140 levels to hit an early intraday high $140.17, coming within reach of the day’s first major resistance level at $140.72 before being hit by a broad based cryptomarket sell-off in the late morning.
Monero’s XMR tumbled through the day’s major support levels to a morning low $122.34 before finding some support, while unable to break back through the third major support level at $126.1 through the afternoon, the late morning reversal being news driven, with Goldman Sachs reportedly putting on hold a planned launch of a cryptocurrency trading desk.
A second sell-off late in the day saw Monero’s XMR pullback to sub-$120 levels to an intraday low $113.5 before finding support to move back to $114 levels by the day’s end.
Wednesday’s reversal saw Monero’s XMR slide back through the 23.6% FIB Retracement Level of $130, leaving the extended bearish trend formed at late April’s swing hi $298 firmly intact.
At the time of writing, Monero’s XMR was up 0.03% to $114.28 in what’s been a choppy start to the day, Monero’s XMR falling to a start of a day morning low $107.95 before moving to a morning high $117.31, the morning moves leaving the day’s major support and resistance levels untested.
For the day ahead, a move back through the morning high $117.31 would support a run at $120 levels to ease some of the week’s losses, while we would expect Monero’s XMR to fall short of the 23.6% FIB Retracement Level of $130 and the day’s first major support level at $132.26, a hold above $120 a positive outcome for the bulls.
Failure to move back through the morning high to $120.levels could see Monero’s XMR hit reverse later in the day, with a fall through the morning low $107.95 bringing the day’s first major support level at $105.59 and sub-$100 levels into play should sentiment fail to improve later in the day.
The markets will be eyeing Bitcoin as the barometer for the cryptomarket, with Bitcoin’s early loss likely to pin Monero’s XMR back from any upward move through the morning.
Looking at the Technical Indicators
Major Support Level: $105.50
Major Resistance Level: $132.26
Fib 23.6% Retracement Level: $130
Fib 38% Retracement Level: $162
Fib 62% Retracement Level: $214
This article was originally posted on FX Empire
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