NEM’s XEM Tech Review – 09/03/2018 09/03/2018

Thursday Highlights

• NEM’s XEM rallied 11.33% to end the day on Thursday at $0.32781
• The bearish trend that persisted since a mid-February $0.6515 high reversed and remained intact.
• For the week, Monday through to Thursday’s close, NEM’s XEM was down 6.69%, outperforming its peers by a country mile.

NEM’s XEM Thursday Tech Review

Thursday was far from smooth sailing however, with NEM’s XEM falling to an early intraday low $0.27301 before the rally kicked in, driving NEM’s XEM through to an intraday high $0.35209 that broke through the day’s first major resistance level of $0.32761 with ease, before setting at $0.32781 by the close.

While investors are known to be a little jumpy through resistance levels, NEM’s XEM was able to avoid a sell-off, with the trend-bucking moves through the day getting plenty of interest before the close.

The Day so Far and What Lies Ahead

NEM’s XEM has been the pick of the crop for a 2^nd consecutive day today, with NEM’s XEM continuing to defy the odds by making gains, whilst its peers languish in the red this morning.

At the time of writing, NEM’s XEM was up 3.16% to $0.34028, while sitting well below its first major resistance level of $0.36226, which was of little concern earlier in the day, when NEM’s XEM rallied to an intraday high $0.37052.

It’s been a choppy day and unsurprising when considering the declines seen across the cryptomarkets this morning.

For the day ahead, for NEM’s XEM to hold on to gains, a move back through its 23.6% FIB Retracement Level of $0.3334 would be needed to avoid a pullback to the 38.2% FIB Retracement Level of $0.3219 that sits well above today’s first major support level of $0.28318.

Investor sensitivity to current market conditions certainly contributed to this morning’s intraday low $0.29205, though NEM’s XEM found support at today’s 62% FIB Retracement Level of $0.3032 on two separate occasions this morning, the last dip has been in the last hour.

The bullish trend formed through the early hours of Thursday looks to be intact for now, though NEM’s XEM will need to make a move through the early part of the afternoon to hold on to gains by the close, with investors likely to get a little jittery ahead of the weekend.

Key Technical Indicators

• Major Support Level: $0.28318
• Major Resistance Level: $0.36226
• Fib 23.6% Retracement Level: $0.3334
• Fib 38% Retracement Level: $0.3219
• Fib 62% Retracement Level: $0.3032