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Monero Technical Analysis – Resistance Levels in Play – 21/06/19

Bob Mason

Key Highlights

  • Monero’s XMR rallied by 4.61% on Thursday. Following on from a 3.8% gain on Wednesday. Monero’s XMR ended the day at $105.24.

  • An early morning intraday low $100.16 saw Monero’s XMR hold above the first major support level at $96.85.

  • A late intraday high $108.99 saw Monero’s XMR break through the first major resistance level at $103.12 and second major resistance level at $105.9.

  • The extended bearish trend, formed at late April’s swing hi $298, remained firmly intact. Monero’s XMR continued to fall well short of the 38.2% FIB of $137, following 15th December’s swing lo $37.18.

How to Buy Monero’s XMR

Monero’s XMR Price Resistance

Monero’s XMR rallied by 4.61% on Thursday.  Following on from a 3.95% gain from Wednesday, Monero’s XMR ended the day at $105.24.

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A bullish morning saw Monero’s XMR rally from an early intraday low $100.16 to a late morning high $107.0.

Steering clear of the major support levels, Monero’s XMR broke through the first major resistance level at $103.12 and second major resistance level at $105.90.

A late morning pullback saw Monero’s XMR fall back to $100 levels before rallying to a late intraday high $108.99.

Monero’s XMR managed to break back through the first and second major resistance levels before easing back through the second major resistance level.

Of greater significance on the day was a hold above the 23.6% FIB of $99.

For Monero’s XMR, the extended bearish trend formed at late April 2018’s swing hi $298 remained intact. Monero’s XMR continued to fall short of the 38.2% FIB Retracement Level of $137, following 15th December’s swing lo $37.18.

For the bulls, this week’s breakthrough to $100 levels continues to support a run at $140 levels. A move through the 38.2% FIB would see Monero’s XMR form a near-term bullish trend.

At the time of writing, Monero’s XMR was up by 2.61% to $107.99. A particularly bullish start to the day saw Monero’s XMR rally from a morning low $105.3 to a high $108.41.

In spite of the early breakout, Monero’s XMR came up short of the first major resistance level at $109.43.

For the day ahead

A move back through the morning high $108.41 would give Monero’s XMR another run at $109 levels later in the day.

Monero’s XMR would need the support of the broader market, however, to take a run at the first major resistance level at $109.43.

In the event of a broad-based rally, Monero’s XMR could strike $110 levels before any pullback.

Failure to move back through the morning high $108.41 could see Monero’s XMR cough up some of the morning gains.

A fall through $104.80 levels would bring the first major support level at $100.60 into play before any recovery.

Barring a crypto meltdown, Monero’s XMR would likely steer clear of the 23.6% FIB of $99 on the day.

Looking at the Technical Indicators

Major Support Level: $100.60

Major Resistance Level: $109.43

23.6% FIB Retracement Level: $99

38.2% FIB Retracement Level: $137

62% FIB Retracement Level: $198

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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