Yahoo Finance Monero Technical Analysis – At New 2018 Lows – 14/06/18
Key Highlights
Monero’s XMR slipped by 2.63% on Wednesday, following Tuesday’s 9.27% slide, to end the day at $121.61.
A late morning slide saw Monero’s XMR tumble to an intraday low and new swing lo $102, with Monero’s XMR falling through the day’s first major support level at $117 and second major support level at $109 before finding support at $100 levels.
An intraday high $126 came ahead of the late morning slide, with Monero’s XMR failing to test the day’s first major resistance level at $127.4.
Monero’s XMR Price Resistance
Monero’s XMR fell by 2.63% on Wednesday, following Tuesday’s 9.27% fall, to end the day at $121.61.
Following Tuesday’s sell-off, Monero’s XMR had a particularly range bound start to the day on Wednesday that saw Monero XMR’s $126 intraday high and $123.63 morning low steer well clear of the day’s first major resistance level at $135.5 and the day’s first major support level at $116.8.
A broad based market sell-off kicked in however, with negative sentiment towards price manipulation and possible action by regulators weighing, leading to Monero’s XMR to slide through the day’s first major support level at $116.8 and second major support level at $108.7 to an intraday low and new swing lo $102, before rebounding to $121 levels by the day’s end.
While the new swing lo continued to reaffirm the extended bearish trend, the late rebound to $121 levels would certainly have eased the pain for the Monero bulls.
At the time of writing, Monero’s XMR was up 4.12% to $126.8, the upward momentum continuing on from the late recovery on Wednesday, supported by a broad based bounce across the majors through the early hours of the day.
An early morning $133.9 high saw Monero’s XMR break through the day’s first major resistance level at $131 before pulling back, the day’s high falling short of the 23.6% FIB Retracement Level of 149, with the day’s first major support level at $107 remaining untested through the morning.
For the day ahead, a move back through to the morning’s high would support a run at the day’s second major resistance level at $141 to bring the 23.6% FIB Retracement Level of $149 into play, though it would be quite a recovery from Wednesday’s new swing lo and 2018 low $102, one that’s unlikely to materialize in the current environment.
Failure to break through the morning’s high to take a run at $140 levels could see Monero’s XMR take a hit later in the day, bringing the day’s first major support level at $107 into play, while we would expect Monero’s XMR to find sufficient support to avoid testing sub-$100 levels through the day, barring materially negative news hitting the wires.
The bearish trend remains intact and Monero’s XMR will need to break out from the 23.6% FIB Retracement Level of $149 to take a run at the 38.2% FIB Retracement Level of $177 before there can be hope of a near-term bearish trend reversal.
Looking at the Technical Indicators
Major Support Level: $107
Major Resistance Level: $131
Fib 23.6% Retracement Level: $149
Fib 38% Retracement Level: $177
Fib 62% Retracement Level: $224
This article was originally posted on FX Empire
