Key highlights
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Monero’s XMR fell 5.25% on Thursday, reversing a 0.39% rise from Wednesday, to close the day at $45.95.
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An early morning intraday high of $48.83 fell short of the first major resistance level at $49.66 and then reversed course.
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At a late afternoon intraday low of $45.07, Monero’s XMR dipped below the first major support level at $47.67 and the second major support level at $46.85 before finding support later.
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The long-term bearish trend that formed at the $298 high in late April held firm as Monero’s XMR fell well below the 23.6% FIB of $99 15 days later.Number The change in December was $37.18.
How to Buy XMR for Monero
Monero XMR Price Support
Monero’s XMR fell 5.24% on Thursday, reversing a 0.39% rise from Wednesday, when it closed the day at $45.07.
Following an early morning intraday high of $48.83, Monero’s XMR fell well below the first major resistance level of the day at $48.84 before reversing.
After a bearish day, Monero’s XMR found support in the late afternoon after dropping to an intraday low of $45.07. The reversal saw Monero’s XMR drop below the first major support level at $47.67 and the second major support level at $46.85.
Monero’s XMR was able to bounce back to the $46 level before pulling back towards the end of the day.
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.
In contrast to many major currencies, Monero’s XMR has remained in positive territory since the start of the year, at 8Number Monero’s XMR is back in the positive with an 11.23% increase in February.
At the time of writing, Monero’s XMR was up 1.63% to $46.70. Monero’s XMR recovered from an early morning low of $45.75 and rose to a morning high of $46.82 before dropping back down. The day’s major support and resistance levels were not tested early in the morning.
Looking ahead to the day, a morning sustained sustain above the $46.6 level would provide support for a rise to the $48 level and the first major resistance level at $48.16. Following Thursday’s reversal, Monero’s XMR will likely struggle to break out of the $48 level. Thursday’s high of $48.83 is likely to push Monero’s XMR back down from the 50 level last reached on Wednesday.
Failure to sustain above $46.6 could negate the morning gains for Monero’s XMR. A drop to the $45 level and then to the morning low of $45.75 could bring the first major support level at $44.40 into play before a recovery.
Barring a widespread crypto sell-off, Monero’s XMR is expected to hold support levels below $44 throughout the day.
View technical indicators
Key Support Level: $44.40
Key Resistance Level: $48.16
Fib 23.6% Retracement Level: $99
Fib 38% Retracement Level: $137
Fib 62% Retracement Level: $198
This article originally appeared on FX Empire
