NEM Technical Analysis – Bucks the Trend in a Bear Move 27/02/2018

Key Highlights

• NewEconomyMovement’s XEM managed to gain 0.58% on Monday, having tumbled 17.2% from a Friday’s high $0.44085 to Sunday’s $0.36517.
• NEM’s XEM was down 1.46% to $0.3876 at the time of writing, with a bearish trend building through this morning.
• Early moves today have tested XEM’s first major support level of $0.0.37417, with an intraday low $0.373.

NewEconomyMovement’s XEM Price Support

NEM’s XEM failed to test its first major support level of $0.36852 on Monday, despite hitting an intraday low $0.37227 in the early part of the day, with the crypto bulls taking control through the afternoon leading to the majority of the majors recovering their early losses. XEM’s moved to an intraday high $0.40148, testing its Monday $0.40057 resistance level that ultimately led to XEM pulling back to $0.38931 by the close.

In what has been a choppy start to the day this morning, XEM was down 1.46% to $0.3876 at the time of writing, with XEM having failed to hold above its 38.2% FIB Retracement level of $0.3941, despite numerous attempts to break out and make a run at its first major resistance level of $0.40337.

This morning’s intraday high $0.40168 led to a quick reversal and XEM pulled back below its 38.2% FIB Retracement Level with selling pressure building, XEM being the worst performer amongst the majors this morning, as some move in and out of positive territory through the morning.

The battle between the bulls and the bears is on and we can expect a choppy day ahead. XEM will need to break back through its 38.2% FIB Retracement Level and move through to today’s intraday high to avoid a more significant pullback towards Sunday’s Swing lo $0.36517, which would test XEM’s first major support level of $0.37417.

While we will take note of the support and retracement levels, conscious that traders are monitoring the levels for intraday trading, sentiment towards the market in general will be the overriding driver that will likely lead to greater focus on the 2^nd major support and resistance levels, XEM frequently moving through its first major support and resistance levels, being one of the more volatile cryptocurrencies.

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What is NEM Coin and How Can you Buy it?

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While a bearish trend has formed, we will expect some upward momentum through the middle part of the day, though we will not be expecting XEM to be testing its major resistance levels, with XEM expected to face selling pressure at $0.40 levels.

Until sentiment shifts and the market has far greater clarity on what lies ahead from a regulatory standpoint, we can expect the volatility to persist and with it, investors will continue to be quick to lock in profits capping any major rallies near-term.

Looking at the Technical Indicators

• Major Support Level: $0.40337
• Major Resistance Level: $0.37417
• Fib 23.6% Retracement Level: $0.383
• Fib 38% Retracement Level: $0.3941
• Fib 62% Retracement Level: $0.412