Monero Price Analysis: Downside Fib targets have not been met just yet

• Monero is trading 2% higher on Wednesday as the crypto market bounced.
• The Fibonacci 138.2% extension target has not been met yet. 

XMR/USD Daily Chart

XMR/USD has bounced slightly today but the chart below shows that its a nothing move in the grand scheme of things. The price is still trading under the psychological 40.00 zone and it could be a resistance level if the price moves higher. Elsewhere, the previous wave low of 44.06 could also a resistance zone. 

Interestingly, the price was close to hitting 100.00 and in just over 1 month XMR/USD is now trading at 37.31. The volume is still supporting the sell-side as the volume spikes are higher on the down days in more recent times. The lowest point on this chart with Bitfinex data is 28.00 and this is a reference point bears should keep in mind.

If the price is to move lower from here the main two Fibonacci extension levels are the 138.2% (22.67) and the golden ratio of 161.8% just under 10.00.

Additional levels