Major lows have been taken out

Fibo Quantum

  • XMR has been one of the worst-hit altcoins down around 14% on Monday.
  • The price bounced off the 30.00 psychological level to settle at 32.67.

XMR/USD daily chart

XMR/USD has been one of the worst-performing cryptocurrencies over the last 5 sessions. Five sessions ago the price fell 40.51% as the price capitulated further into the red. The price has recently broken a major low of 38.50 and now it could potentially use it as a resistance zone if the price moves higher.

The Fibonacci extension levels project the price could fall slightly further to hit 23.49. This would be the 138.2% extension and the 161.8% golden ratio is further down at 11.11. Also on the topside, the 44.06 might also act as resistance as it is the previous wave low. 

Additional levels