Main highlights
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Monero XMR fell 3.44% on Thursday. Monero XMR ended the day at $65.17, reversing a 3.46% rise from Wednesday.
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At an early morning intraday high of $68.89, Monero's XMR broke through the first major resistance level at $68.75 before reversing.
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At a late afternoon intraday low of $63.68, Monero's XMR broke through the first major support level of the day at $65.41.
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The long-term bearish trend that formed with the swing to $298 in late April remains firmly in place. Monero’s XMR remains well below its 23.6% FIB of $99 for 2015.th The swing low for December is $37.18.
How to buy XMR on Monero
XMR price support for Monero
Monero XMR fell 3.44% on Thursday. Monero XMR ended the day at $65.17, reversing a 3.46% rise from Wednesday.
The day started relatively bullish, with Monero’s XMR breaking through the first major resistance level at $68.75 and hitting an intraday high of $68.89.
Back in the late afternoon, Monero's XMR fell to an intraday low of $63.68 before finding support.
This reversal caused Monero’s XMR to break through the first major resistance level at $65.41. Monero’s XMR held above the second major support level at $63.28 and recovered to the $65 level late on.
Monero’s XMR remains firmly in the long-term bearish trend that formed during the swing to $298 in late April. Monero’s XMR remains well below the 23.6% FIB retracement level of $99 for 2015.th The swing low for December is $37.18.
At the time of writing, Monero’s XMR was up 0.97% to $65.80. Bucking the overall market trend, Monero’s XMR rose from a morning low of $64.87 to a high of $66.07.
Despite a bullish start to the day, Monero’s XMR left the day’s key support and resistance levels untested early on.
For the day ahead,
A return to the $66 level will provide support for the rally above the $68 level before the pullback. However, support from the broader market will be needed for Monero’s XMR to break above today’s $66 level.
If the cryptocurrency rebounds, Monero’s XMR is likely to break through the first major resistance level at $68.15.
However, Monero’s XMR is likely to fall below the $70 level and the second major resistance level at $71.12.
Failure to recover to the $66 level could lead to a reversal in Monero’s XMR later in the day. A fall to the $64 level would result in the $63 level occurring before it recovers.
Barring an extended crypto decline, Monero’s XMR is likely to avoid the first major support level at $62.94.
Take a look at technical indicators
Major support level: $62.94
Major resistance level: $68.15
23.6% FIB Retracement Level: $99
38.2% FIB Retracement Level: $137
62% FIB Retracement Level: $198
Let us know what you think in the comments section below.
Thank you, Bob
This article was originally posted on FX Empire
