Bitcoin and Monero’s XMR – Weekly Technical Analysis – August 24th, 2020

Fibo Quantum

Monero’s XMR

Monero’s XMR slipped by 0.22% in the week ending 23rd August. Following on from a 1.69% loss from the previous week, Monero’s XMR ended the week at $91.17.

A relatively range-bound start to the week. Monero’s XMR rose to a Tuesday high $97.17 before falling to a Wednesday low $88.98.

Leaving the support and resistance levels untested, Monero’s XMR rallied to a Friday intraweek high $105.85.

Monero’s XMR broke through the first major resistance level at $96.11 and the second major resistance level at $100.89 before hitting reverse.

The reversal saw Monero’s XMR side to a Saturday intraweek low $88.89 and into the red before finding support.

Steering clear of the first major support level at $85.29, Monero’s XMR rose to a Sunday high $94.77 before easing back into the red.

Key through the week was the breakout from the 23.6% FIB at $90.00, which limited the downside later in the week.

4 days in the red that included a 9.19% slide on Friday and a 3.47% loss on Sunday delivered the downside. An 11.35% rally on Thursday limited the losses for the week, however.

For the week ahead

Monero’s XMR would need to move through the $95.30 pivot to support a run at the first major resistance level at $101.72.

Support from the broader market would be needed, however, for Monero’s XMR to break back through to $100 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $105.85 would likely cap any upside.

In the event of another breakout, the second major resistance level at $112.26 would likely come into play.

Failure to move through the $95.30 pivot would bring 23.6% FIB at $90 and the first major support level at $84.76 into play.

Barring an extended broader-market sell-off, however, Monero’s XMR should steer well clear of sub-$80 levels. The second major support level sits at $78.34.

At the time of writing, Monero’s XMR was down by 0.24% to $90.95. It was a mixed start to the week on Monday morning. Monero’s XMR fell to an early morning low $90.15 before rising to a high $91.03.

Monero’s XMR left the major support and resistance levels untested at the start of the week.