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Monero Technical Analysis – Support Levels in Play – 07/02/19

Bob Mason

Key Highlights

  • Monero’s XMR fell by 0.88% on Wednesday. Partially reversing a 1.66% rise from Tuesday, Monero’s XMR ended the day at $42.59.
  • An early morning intraday low $41.6 saw Monero’s XMR fall through the first major support level at $42.32 and second major support level at $41.79 before finding support.
  • A start of a day intraday high $42.97 came up short of the first major resistance level at $43.15.
  • 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.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR fell by 0.88% on Wednesday. Partially reversing Tuesday’s 1.66% gain, Monero’s XMR ended the day at $42.59.

A particularly bearish start to the day saw Monero’s XMR slide from an intraday high $42.97 to an intraday low $41.60 before moving back to $42 levels.

The reversal saw Monero’s XMR fall through the first major support level at $42.32 and second major support level at $41.79.

Sub-$42 support levels were called upon through the day, with Monero’s XMR struggling to break back through the first major support level at $42.32 before a late in the day recovery. As a result of the late recovery, Monero’s XMR saw moderate losses relatively to the broader market 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 by 0.45% to $42.78. A positive start to the day saw Monero’s XMR rise from a morning low $42.61 to a morning high $42.86 before easing back. The day’s support and resistance levels were left untested in the early hours.

For the day ahead, Monero’s XMR would need to move back through the morning high $42.86 to bring $43 levels back into play. A move through to $43 levels would bring the first major resistance level at $43.17 into play. We would expect more material gains to be unlikely, however, with Wednesday’s high $42.97 and the second major resistance level at $43.76 to pin Monero’s XMR back from a run at $44 levels.

Failure to move back through the morning high could see Monero’s XMR fallback into the red later in the day. A pullback through the morning low $42.61 to sub-$42.4 levels would bring the first major support level at $41.80 into play. We would expect sub-$41 levels to be avoided, the second major support level at $41.02 there to prevent more material losses in the event of a sell-off.

Looking at the Technical Indicators

Major Support Level: $41.80

Major Resistance Level: $43.17

Fib 23.6% Retracement Level: $99

Fib 38% Retracement Level: $137

Fib 62% Retracement Level: $198

This article was originally posted on FX Empire

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