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Monero Technical Analysis – Testing Support Levels – 11/10/18

Bob Mason

Key Highlights

  • Monero’s XMR gained 0.61% on Wednesday, partially reversing Tuesday’s 0.85% decline, to end the day at $113.25.
  • A morning slide saw Monero’s XMR fall through the first major support level at $111.71 and second major support level at $110.85 to an intraday low $110 before recovering.
  • A late in the day intraday high $113.78 saw Monero’s XMR test the day’s first major resistance level at $113.71 before easing back.
  • The day’s moves saw Monero’s XMR continue to fall short of the 23.6% FIB Retracement Level, leaving the extended bearish trend intact.

How to Buy Monero’s XMR

Monero’s XMR Price Resistance

Monero’s XMR gained 0.61% on Wednesday, partially reversing Tuesday’s 0.85% fall, to end the day at $113.25.

A bearish start to the day saw Monero’s XMR fall through the first major support level at $111.71 and second major support level at $110.85 to an early morning intraday low $110 before finding support, the moves through the early part of the day tracking the broader cryptomarket.

Recovering through the late morning and afternoon, Monero’s XMR rallied to an intraday high $113.78, testing the day’s first major resistance level at $113.71 before easing back in the final hour of the day.

In spite of the minor gain on the day, the extended bearish trend, formed at late April’s swing hi $298, remained firmly intact, with Monero’s XMR having failed to test selling pressure at the 23.6% FIB Retracement Level of $130 since the 1 st week of September.

At the time of writing, Monero’s XMR was down 9.74% to $102.08, a broad based market sell-off weighing heavily on Monero’s XMR in the early hours, which tumbled from a start of a day morning high $113.25 to a morning low $100.63 before steadying, the early moves seeing Monero’s XMR fall through the day’s major support levels to call on support at $100.

For the day ahead, a recovery through to $103 levels would support a move back through the day’s third major support level at $104.78, while sentiment across the broader market would need to materially change for Monero’s XMR to take a look at $105 levels, Monero’s XMR is unlikely to break back through the second major support level at $108.56, barring particularly positive news hitting the wires.

Failure to move back through to $103 levels could see Monero’s XMR fall back through the morning low $100.63 to sub-$100 levels for the 1 st time since 12 th September, with investors likely to be particularly wary of a more material reversal following the recent low volatility environment that had the markets suggesting a new found maturity in the markets.

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Looking at the Technical Indicators

Major Support Level: $110.91

Major Resistance Level: $114.69

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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