Monero Technical Analysis – Support Levels in Play – 26/07/19

Key Highlights

• Monero’s XMR rose by 1.12% on Thursday. Reversing a 0.75% fall from Wednesday, Monero’s XMR ended the day at $81.18.

• An early morning intraday low $80.28 saw Monero’s XMR steer clear of the first major support level at $78.56.

• A mid-day intraday high $83.56 saw Monero’s XMR break through the first major resistance level at $81.99.

• The extended bearish trend, formed at late April 2018’s swing hi $298, remained firmly intact. A pullback through the 23.6% FIB of $99 reaffirmed the extended bearish trend after, Monero’s XMR had continued to fall short of the 38.2% FIB of $137.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR rose 1.12% on Thursday. Reversing a 0.75% fall from Wednesday, Monero’s XMR ended the day at $81.18.

A bullish start to the day saw Monero’s XMR break through the first major resistance level at $81.99 to an early morning high $83.31

Monero’s XMR eased back to $81.5 levels before a mid-day rally to an intraday high $83.56. Monero’s XMR broke back through the first major resistance level before hitting reverse.

A pullback through the afternoon saw Monero’s XMR slide to an afternoon low $80.38 before finding support. Monero’s XMR steered clear of the first major support level at $78.56 on the day.

Finding support from the broader market, Monero’s XMR recovered to $81 levels to close out the day in the green.

For Monero’s XMR, the extended bearish trend formed at late April 2018’s swing hi $298 remained intact. The July fall back through the 23.6% FIB of $99, reaffirmed the extended bearish trend, following 15^th December’s swing lo $37.18. Ahead of the pullback, Monero’s XRM had also failed to break through the 38.2% FIB of $137 to take a run at the 62% FIB of $198.

For the bulls, a move back through to $115 levels would be needed 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 down by 2.64% to $79.04. A bearish start to the day saw Monero’s XMR fall from a morning high $80.11 to a low $78.86.

Falling well short of the major resistance levels, Monero’s XMR slid through the first major support level at $79.79.

For the day ahead

A move back through the morning high $80.11 to $81.7 levels would signal a run at the first major resistance level at $83.07.

Monero’s XMR would need the support of the broader market, however, to break out from $80 levels.

Barring a broad-based crypto rally, the first major resistance level at $83.07 and Thursday’s high $83.56 should limit any upside.

Failure to move through the morning high to $81.7 levels could see Monero’s XMR struggle through the day.

A fall back through the morning low $78.86 would bring the second major support level at $78.39 into play before any recovery.

Barring a crypto meltdown, the second major support level at $78.39 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $79.79

Major Resistance Level: $83.07

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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