Monero Technical Analysis –Resistance Levels in Focus – 21/05/18

Key Highlights

  • Monero’s XMR gained 3.21% on Sunday, reversing Saturday’s 3.02% fall, to end the day at $203.68.
  • A start of the day dip to an intraday low $196.02 held above the day’s first major support level at $194.4, with support at the psychological $200 level tested early on.
  • Monero’s XMR broke through the first major resistance level at $202 to an intraday high $206.56 late in the day, to test the day’s second major resistance level at $206.7.
  • The day’s high fell short of the 23.6% FIB Retracement Level of $212.

How to Buy Monero

Monero’s XMR Price Resistance

Monero’s XMR ended the week on a high note, gaining 3.21% on Sunday, reversing Saturday’s 3.02% fall, to end the week at $203.68.

Sunday’s gain limited Monero’s losses for the week, Monday through Sunday, to just 1.6%, faring better than some of the major cryptos that had seen far heavier losses during the week.

An early morning $196.02 intraday low, coming from the day’s $197.34 opening price, saw Monero hold above the day’s first major support level at $194.4, before a morning move saw Monero break back through to $200 levels, with a morning high $200.61.

Support at $200 led to a bullish afternoon that saw Monero’s XMR break through the day’s first major resistance level at $202 to test the day’s second major resistance level at $206.7, with an intraday high $206.6, before easing back to $203 levels by the close.

While Monero’s XMR was able to hold above the day’s first major resistance level by the day’s end, failure to break through the 23.6% FIB Retracement Level at $212 reaffirmed the near-term bearish trend formed at 24th April’s swing hi $299.

At the time of writing, Monero’s XMR was down 0.47% to $202.72, recovering from a start of the day dip to a morning low $200.48, Monero’s XMR finding support at $200, with the broader market having held relatively steady in the wake of Sunday’s gains.

With the morning high $204.53 falling short of the day’s first major resistance level at $208 and 23.6% FIB Retracement Level of $212, a move through to $205 levels to break out from the morning’s high would support a run at the 23.6% FIB Retracement Level, with resistance at the $208 in the hands of sentiment across the broader market.

Monero’s XMR could buck the trend should $200 levels be held through the early part of the day, though things could deteriorate should the likes of Bitcoin see material losses through the middle part of the day.

Failing to break through to $205 levels could see Monero’s XRM pullback through to sub-$200 levels, bringing the day’s first major support level at $197.6 into play, with market conditions to dictate whether there would be sufficient support to avert heavier declines late in the day.

Looking at the Technical Indicators

Major Support Level: $198

Major Resistance Level: $208

Fib 23.6% Retracement Level: $212

Fib 38% Retracement Level: $229

Fib 62% Retracement Level: $256

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