Monero Technical Analysis – Eyeing $44 Levels – 14/01/19

Key Highlights

  • Monero’s XMR slid by 4.48% on Sunday, following on from a 1.15% fall on Saturday, to end the week down 22.6% at $42.44.
  • An early morning intraday high $45.16 came up against the first major resistance level at $45.13 before hitting reverse.
  • Monero’s XMR fell to a late afternoon intraday low $42.01, sliding through the day’s major support levels.
  • The extended bearish trend, formed at late April’s swing hi $298, remained firmly intact with Monero’s XMR sitting well short of the 23.6% FIB of $99, following 15th December’s swing lo $37.18 and the week’s 22.6% tumble.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR slid by 4.48% on Sunday, following on from a 1.15% fall on Saturday, to end the week down 22.6% at $42.44.

Bullish at the start of day, Monero’s XMR struck an early morning intraday high $45.16, coming up against the day’s first major resistance level at $45.13 before hitting reverse.

Succumbing to pressure from the broader market, Monero’s XMR slid through the day’s major support levels to an intraday low $42.01 before steadying.

For the crypto bulls, the only good news was a move back through the third major support level by the day’s end. For the bears, Monero’s XMR saw red in 6 out of the 7 days last week…

For Monero’s XMR, the extended bearish trend formed at late April’s swing hi $298 remained firmly intact. Monero’s XMR continues to fall well short of the 23.6% FIB Retracement Level of $99, following 15th December’s swing lo $37.18 and last week’s heavy losses.

At the time of writing, Monero’s XMR was up 1.18% to $42.94. A positive start to the day saw Monero’s XMR rise from a morning low $42.47 to strike a morning high $42.98, the major support and resistance levels left untested early on.

For the day ahead, a move through to $43.2 levels by the early afternoon would support a run at $44 levels to bring the first major resistance level at $44.40 into play. Sunday’s high $45.16 will likely pin Monero’s XMR back from a breakout to $46 levels, leaving the day’s second major resistance level at $46.35 out of play on the day.

To hold onto $44 levels in the event of a recovery, support would be needed from the broader market, with Bitcoin needing to recover to $3,700 levels to support a shift in sentiment.

Failure to move through to $43.2 levels could see Monero’s XMR give up the morning gains, with a pullback through the morning low $42.47 bringing $41 levels and the first major support level at $41.25 into play.

Heavier losses could be on the cards should the cryptomarket hit another speed bump, with the second major support level at $40.05 expected to keep Monero’s XMR back from sub-$40 levels in the event of a sell-off.

Looking at the Technical Indicators

Major Support Level: $41.25

Major Resistance Level: $44.40

Fib 23.6% Retracement Level: $99

Fib 38% Retracement Level: $137

Fib 62% Retracement Level: $198

This article was originally posted on FX Empire

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