Main highlights
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Monero’s XMR rose 0.72% on Thursday, partially reversing Wednesday’s 2.93% decline to end the day at $123.3.
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The morning intraday high of $124.52 was below the first major resistance of the day at $125.99 and well below the 23.6% FIB retracement level at $149.
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At a late morning intraday low of $120.85, Monero's XMR held above the first major support level at $119.05, opening support and Monero's XMR recovering to the $123 level by the end of the day. did.
How to buy XMR on Monero
XMR price support for Monero
Monero’s XMR rose 0.73% on Thursday, partially reversing Wednesday’s 2.93% decline to end the day at $123.3.
The early morning high of $124.52 broke below the first major resistance of the day at $125.99 and the 23.6% FIB retracement level at $149, breaking a long-term bearish trend that formed at 2:00 p.m.th April's swing high of $299 remains unchanged.
A pullback from the morning high saw Monero's XMR fall to an intraday low of $120.85, leaving the first major support level of $119.05 untested before reaching the $123 level by the end of the day. Although it recovered, it remained range-bound for the second half of the day, away from the day's key support levels. Resistance levels have not been tested.
At the time of writing, Monero's XMR is down 6.23% to $115.8, having started the day at a high of $123.74 and falling below the first major resistance level at $124.93, but has since fallen to a wide range of The currency market began to decline.
Monero XMR fell from the first major support level of the day at $121.26 to $120.6 before a second wave of selling caused Monero XMR to pass through the second major support level of $119.22 and reach the third The price rose to a morning low of $114.42 at the major support level, and then managed to recover to $115. level.
The negative news that came on Telegram broke the main support levels of the day, but the only good news was that Monero’s XMR managed to rise well above 13.th April swing low is $102 until morning.
The following day, Monero's XMR is expected to face a lot of resistance at $119.22, with the $119 level limiting any move into positive territory.
If it fails to break out of the second major support level, Monero's XMR could take another hit later in the day, and with sub-$110 levels present, sentiment may not improve heading into the weekend. However, Monero's XMR is expected to hold above the swing low of $102 throughout the day.
Although the bearish trend is fully intact and we can expect some buying interest at current levels, things look tough this week.
Take a look at technical indicators
Major support level: $121.26
Key resistance level: $124.93
Fib 23.6% Retracement Level: $149
Fib 38% retracement level: $177
Fib 62% retracement level: $224
This article was originally posted on FX Empire
