In This Article:
Key Highlights
-
Monero’s XMR slid by 4.75% on Thursday, reversing Wednesday’s 4.79% gain, to end the day at $122.03.
-
An intraday high $130.34, struck in the early hours, saw Monero’s XMR fall short of the first major resistance level at $132.14 before hitting reverse.
-
A morning slide saw Monero’s XMR fall through the first major support level at $121.71 to an intraday low $120.61 before recovering to $122 levels.
-
The extended bearish trend remained intact, with Monero’s XMR continuing to fall well short of the 23.6% FIB Retracement Level of $152.
Monero’s XMR Price Support
Monero’s XMR slid by 4.75% on Thursday, reversing Wednesday’s 4.79% gain, to end the day at $122.03.
An early move through to an intraday high $130.34 saw Monero’s XMR fall short of the first major resistance level at $132.14 prior to joining the broader market in a mass sell-off that saw Monero’s XMR slide through the first major support level at $121.71 to a late in the day intraday low $120.61.
A partial recovery through the latter part of the day to $122 levels saw Monero’s XMR move back through the first major support level at $121.71, while Monero’s XMR continued to fall well short of the 23.6% FIB Retracement Level of $152 to leave the extended bearish trend formed at 24th April’s swing hi $298 firmly intact.
At the time of writing, Monero’s XMR was down 5.63% to $115.22, with Thursday’s sell-off continuing into the early hours of the morning, Monero’s XMR falling from a start of a day $122.03 high to a morning low $115.1, Monero’s XMR sliding through the first major support level at $118.31 to come within reach of the second major support level at $114.6.
For the day ahead, a move back through the morning high $122.03 to $124 levels would support a run at the first major resistance level at $128.04, though sentiment across the broader market will need to material improve for Monero’s XMR to have any chance of a move into positive territory, the negative sentiment across the broader market seeing Monero’s XMR bleed more than most.
Failure to move back through to $122 levels could see Monero’s XMR slide back through the morning low $115.1 to $114 levels, bringing the second major support level at $114.6 into play before any recovery, with Monero’s XMR and the broader market in dire need of a weekend rally for sentiment to shift, the technicals certainly painting a dire picture of what’s to come, the only positive being the material slide in value in recent weeks that could draw side lined investors back into the market.