Key highlights
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Monero’s XMR rose 0.61% on Wednesday, partially reversing Tuesday’s 0.85% decline to end the day at $113.25.
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The morning sell-off saw Monero’s XMR drop below the first major support level at $111.71 and the second major support level at $110.85, then fell to an intraday low of $110 before recovering.
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Monero’s XMR hit an intraday high of $113.78 late in the session and then tested the first major resistance level of the day at $113.71 before trailing off.
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On the day’s move, Monero’s XMR continued to trade below the 23.6% FIB retracement level, continuing its bearish trend.
How to Buy XMR for Monero
Monero’s XMR Price Resistance
Monero’s XMR rose 0.61% on Wednesday, partially reversing Tuesday’s 0.85% decline to end the day at $113.25.
A bearish start to the day saw Monero’s XMR drop below the first major support level at $111.71 and the second major support level at $110.85 before falling to an early morning intraday low of $110 before finding support, with the early day movement being in line with the overall cryptocurrency market.
Recovering throughout the late morning and afternoon, Monero’s XMR rose to an intraday high of $113.78 before testing the first major resistance level of the day at $113.71 before falling in the final hour of the day.
Despite the small gains on the day, the long-term bearish trend that formed at the $298 high in late April remained firmly in place, as Monero’s XMR failed to test the selling pressure at the 23.6% FIB retracement level of $130 since January.st September week.
At the time of writing, Monero’s XMR is down 9.74% to $102.08. Broad market selling weighed on Monero’s XMR in the early morning hours, causing it to plummet from a morning high of $113.25 to a morning low of $100.63 before regaining stability. In the early action, Monero’s XMR fell below the key support levels of the day and relied on the $100 support.
Over the next day, a recovery to the $103 level would support a move back below the third major support level of the day at $104.78, however, a significant change in overall market sentiment would be required for Monero’s XMR to target the $105 level, and unless additional favorable news is reported, it is unlikely that Monero’s XMR will resurface above the second major support level of $108.56.
If the rally fails to reach the $103 levels, Monero’s XMR could drop below the morning low of $100.63 and to sub-$100 levels.st Time elapsed since 12 o'clockNumber In September, investors are likely to be especially wary of a more significant reversal after the recent low volatility environment signaled new market maturity.
View technical indicators
Key Support Level: $110.91
Key Resistance Level: $114.69
Fib 23.6% Retracement Level: $130
Fib 38% Retracement Level: $162
Fib 62% Retracement Level: $214
This article originally appeared on FX Empire
