NEM’s XEM Technical Analysis – Eyeing Support Levels – 05/11/18
A sea of red across the broader market weighed on NEM’s XEM in the early part of the day, with Bitcoin Cash giving the market cues ahead of a 15th Nov fork.Key Highlights
- NEM’s XEM gained 2.92% on Sunday, reversing a 0.46% fall on Saturday, to end the week up 2.58% at $0.09614.
- An early morning intraday low $0.09216 saw NEM’s XEM fall through the first major support level at $0.0922 before finding support from the broader market.
- A late intraday day high $0.09732 saw NEM’s XEM break through the first major resistance level at $0.0954 and second major resistance level at $0.09670 before easing back.
- The extended bearish trend formed at late April’s swing hi $0.46546 remained intact, NEM’s XEM continuing to fall well short of the 23.6% FIB Retracement Level of $0.1695.
NEM’s XEM Price Resistance
NEM’s XEM gained 2.92% on Sunday, following a 0.46% fall on Saturday, to end the day at $0.09614, the Sunday recovery taking NEM’s XEM into positive territory and a gain of 2.58% for the week.
A bearish start to the day saw NEM’s XEM fall through the first major support level at $0.0922 to an early morning intraday low $0.09216, steering clear of sub-$0.09 levels before finding support from a broader cryptomarket rally through the afternoon.
The afternoon rally saw NEM’s XEM break through the first major resistance level at $0.0954 and second major resistance level at $0.0967 to a late in the day intraday high $0.09732 before easing back through the second major resistance level by the day’s end.
In spite of the weekly gain, coming off the back of relatively heavy losses in October, the extended bearish trend remained firmly intact, with NEM’s XEM continuing to fall well short of the 23.6% FIB Retracement Level of $0.1695.
At the time of writing, NEM’s XEM was down 0.78% to $0.0954, with a relatively choppy start to the day seeing NEM’s XEM strike a start of a day morning high $0.09725 before succumbing to pressure from across the broader market, NEM’s XEM falling to an early morning low $0.09457, the early moves leaving the day’s major support and resistance levels untested.
For the day ahead, holding onto $0.095 levels through the morning would support a move back through the morning high $0.09725 to bring the first major resistance level at $0.0983 into play before any pullback, with any run at $0.10 levels and the second major support level at $0.1004 in the hands of sentiment across the broader market on the day.
Failure to hold onto $0.095 levels through the morning could see NEM’s XEM slide back through the morning low $0.09457 to bring $0.093 levels and the day’s first major support level at $0.0931 into play before any recovery, a visit to $0.092 levels a possibility should the morning sell-off continue into the afternoon.
Looking at the Technical Indicators
Major Support Level: $0.0931
Major Resistance Level: $0.983
Fib 23.6% Retracement Level: $0.1695
Fib 38% Retracement Level: $0.226
Fib 62% Retracement Level: $0.3174