Monero's XMR managed to recover from a start of a day sell-off to move into positive territory before easing back into the red, a choppy day ahead.
Monero’s XMR slid by 5.89% on Monday, following Sunday’s 0.53% fall, to end the day at $114.82, the day’s losses wiping out last week’s 4.3% gain.
Tracking the broader market, Monero’s XMR tumbled from an early morning intraday high $123.26 to a late morning low $115.86, the reversal seeing Monero’s XMR fall through the day’s first major support level at $118.62 before finding support at the second major support level at $115.38.
Monero’s XMR managed to recover to an early afternoon high $119.88 before hitting reverse through the late part of the day, a second broad based market sell-off seeing Monero’s XMR fall back through the day’s first major support level at $118.62 and second major support level at $115.38 to an intraday low $114.06 before steadying.
For the crypto bulls, the only good news of the day was a recovery back through the second major support level of the day, the extended bearish trend still firmly intact, with Monero’s XMR continuing to fall well short of the 23.6% FIB Retracement Level of $130.
At the time of writing, Monero’s XMR was down 0.53% to $114.21, with Monero’s XMR seeing late Monday’s sell-off continuing into the early hours of this morning.
Monero’s XMR fell to an early morning low $111.45 to call on support at the first major support level at $111.5 to recover to a morning high $115.35 that saw Monero’s XMR move into positive territory before easing back to $114 levels.
For the day ahead, a move back through to $115 levels and the morning high $115.35 would support a run at $117 levels, though with the bearish sentiment across the broader market through the morning, breaking back through to $117 levels could be a tall order on the day, with the day’s first major resistance level at $120.7 unlikely to be tested.
Failure to move back through to $115 levels could see Monero’s XMR take another hit later in the day, with any move back through the morning low $111.45 bringing sub-$110 levels and the day’s second major support level ate $108.18 into play before any recovery.
Major Support Level: $111.50
Major Resistance Level: $120.70
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.