Monero Technical Analysis – Bears Take Control – 03/08/18

Key Highlights

  • Monero’s XMR slid by 4.75% on Thursday, reversing Wednesday’s 4.79% gain, to end the day at $122.03.
  • An intraday high $130.34, struck in the early hours, saw Monero’s XMR fall short of the first major resistance level at $132.14 before hitting reverse.
  • A morning slide saw Monero’s XMR fall through the first major support level at $121.71 to an intraday low $120.61 before recovering to $122 levels.
  • The extended bearish trend remained intact, with Monero’s XMR continuing to fall well short of the 23.6% FIB Retracement Level of $152.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR slid by 4.75% on Thursday, reversing Wednesday’s 4.79% gain, to end the day at $122.03.

An early move through to an intraday high $130.34 saw Monero’s XMR fall short of the first major resistance level at $132.14 prior to joining the broader market in a mass sell-off that saw Monero’s XMR slide through the first major support level at $121.71 to a late in the day intraday low $120.61.

A partial recovery through the latter part of the day to $122 levels saw Monero’s XMR move back through the first major support level at $121.71, while Monero’s XMR continued to fall well short of the 23.6% FIB Retracement Level of $152 to leave the extended bearish trend formed at 24th April’s swing hi $298 firmly intact.

At the time of writing, Monero’s XMR was down 5.63% to $115.22, with Thursday’s sell-off continuing into the early hours of the morning, Monero’s XMR falling from a start of a day $122.03 high to a morning low $115.1, Monero’s XMR sliding through the first major support level at $118.31 to come within reach of the second major support level at $114.6.

For the day ahead, a move back through the morning high $122.03 to $124 levels would support a run at the first major resistance level at $128.04, though sentiment across the broader market will need to material improve for Monero’s XMR to have any chance of a move into positive territory, the negative sentiment across the broader market seeing Monero’s XMR bleed more than most.

Failure to move back through to $122 levels could see Monero’s XMR slide back through the morning low $115.1 to $114 levels, bringing the second major support level at $114.6 into play before any recovery, with Monero’s XMR and the broader market in dire need of a weekend rally for sentiment to shift, the technicals certainly painting a dire picture of what’s to come, the only positive being the material slide in value in recent weeks that could draw side lined investors back into the market.

Looking at the Technical Indicators

Major Support Level: $118.31

Major Resistance Level: $128.04

Fib 23.6% Retracement Level: $152

Fib 38% Retracement Level: $180

Fib 62% Retracement Level: $225

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