Monero's XMR joins the rest of the majors in a mass sell-off in the early hours, with sub-$100 levels in sight later today should $103 levels be missed.
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 1st 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 1st time since 12th 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.
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
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.