NEM’s XEM Technical Analysis – 11/03/2018

Saturday Highlights

• NEM’s XEM gained 1.22% on Saturday, after an early 9.6% gain early in the day.
• Despite Saturday’s pullback from intraday highs, the bullish trend remained intact.
• For the week, NEM’s XEM was down 8.13% from Monday’s open through to Saturday’s end of the day $0.32276.

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How to Buy NEM (XEM) Coin?

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NEM’s XEM Saturday Tech Review

NEM’s XEM ended the day with a 1.22% gain, with XEM declining through the 38.2% FIB Retracement Level of $0.3233 in the final hour while managing to avoid a further pullback to the 62% FIB Retracement Level of $0.3041 that was breached on Friday.

The day’s intraday low stood above the first major support level of $0.30688, while XEM’s intraday high $0.34941 failed to test the day’s first major support level of $0.35158, despite the 9.6% rally early in the day, with plenty of sellers at $0.34 levels, as investors looked to book profits.

The good news was NEM’s XEM avoiding major support levels for a 2^nd consecutive day, while XEM’s peers struggled on.

The Day so Far and What Lies Ahead

NEM’s XEM is the pick of the crop for a 4^th consecutive day today, gaining 1.6% to $0.3299 at the time of writing, to lead the way amongst the majors as the weekend comes to a rapid end.

Following Saturday’s gains, the bullish trend remains in place, with a number of other major cryptocurrencies also finding support through the early part of the day.

NEM’s XEM early intraday high $0.34485 tested the day’s first major resistance level of $0.34403 before moving back through the 23.6% FIB Retracement Level of $0.3352, with XEM’s intraday low $0.31776 finding support at the day’s 38.2% FIB Retracement Level of $0.3233, to move back to $0.3299.

For the day ahead, a move through to the 23.6% FIB Retracement Level of $0.3352 would be needed to support a more sustained rally back towards the day’s first major resistance level of $0.34403 and intraday high $0.34485.

Moving through and holding above the day’s 23.6% FIB Retracement Level of $0.3352 will be key for XEM to avoid a pullback through to the 38.2% FIB Retracement Level of $0.3233, with the choppy cryptomarkets capable of going into meltdown before the end of the weekend, as investors begin to look ahead to Congress’s review of cryptocurrencies and initial coin offerings on Wednesday.

How Bitcoin moves through the remainder of the day will likely provide some direction, though gains across some of the other major cryptocurrencies will provide some support.

It’s going to be a choppy end to the weekend, as has been the case in recent weeks.

Key Technical Indicators

• Major Support Level: $0.30688
• Major Resistance Level: $0.34403
• Fib 23.6% Retracement Level: $0.3352
• Fib 38% Retracement Level: $0.3233
• Fib 62% Retracement Level: $0.3041