Key highlights
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Monero’s XMR rose 2.37% on Tuesday. Following a 0.49% increase on Monday, Monero’s XMR closed the day at $49.7.
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An early morning intraday low of $47.85 pushed Monero’s XMR below the first major support level of the day at $48.39.
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Having hit an intraday high of $50.14 in the early afternoon, Monero’s XMR broke through the first major resistance level at $50.04.
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The long-term bearish trend that formed at the $298 high in late April has held firm, as Monero’s XMR remains well below its 23.6% FIB of $99 after 15 days.Number The change in December was $37.18.
How to Buy XMR for Monero
Monero’s XMR Price Resistance
Monero’s XMR rose 2.37% on Tuesday, following a 0.49% increase on Monday, to close at $49.7.
A particularly bearish start to the day saw Monero’s XMR fall to an early morning intraday low of $47.85.
The sell-off pushed Monero’s XMR below the first major support level at $48.39 but has since bounced back.
With support from the broader market, Monero’s XMR rose to an intraday high of $50.14 in the early afternoon.
Monero’s XMR dropped back below $50 after breaking out of the first major resistance level at $50.04. This is the first time the cryptocurrency has breached the $50 threshold since hitting a year-to-date high of $55.80 in late February.
For Monero’s XMR, the long-term bearish trend formed at the late-April swing high of $298 remained firmly in place as Monero’s XMR continued to trade well below the 23.6% FIB retracement level of $99 following a $15 drop.Number The change in December was $37.18.
For the bulls, Monero’s XMR has a target of 3.rd It's the second straight week of gains, but the gains have been modest and have only barely reversed the selling pressure of early January.
At the time of writing, Monero’s XMR was up 2.01% to $50.70. A shaky start to the day saw Monero’s XMR fall to an early morning low of $49.8 before recovering to a morning high of $50.72.
The early morning move helped Monero’s XMR break out of the first major resistance level at $50.61, a major support level that remained untested earlier in the day.
For the day ahead,
A sustained hold above the first major resistance level at $50.61 could propel the price towards the $51 level later in the day. However, support from the broader market would be needed for Monero’s XMR to rise to the second major resistance level at $51.52. If the cryptocurrency sees a broad rally, the $52 level could come into play before any pullback occurs.
If it fails to sustain above the first major resistance level, Monero’s XMR may see a reversal later in the day. It may fall to $49 levels before recovering. Unless a widespread crypto sell-off occurs, Monero’s XMR is expected to steer clear of the first major support level at $48.32. If a sell-off occurs, Monero’s XMR may fall to below $48 levels before recovering.
View technical indicators
Key Support Level: $48.32
Key Resistance Level: $50.61
23.6% FIB Retracement Level: $99
38.2% FIB Retracement Level: $137
62% FIB Retracement Level: $198
This article originally appeared on FX Empire
