NEM’s XEM Technical Analysis – Bears Reign Supreme – 13/05/18

After a relatively promising start, the sell-off resumes, with the cryptos facing the prospects of new lows for the year, Litecoin having been hit with a 2018 low on Tuesday.
Bob Mason

Key Highlights

  • NEM’s XEM slid by 7.51% on Tuesday, more than reversing Monday’s 2.71% gain, to end the day at $0.20395.
  • An intraday high $0.22187 fell well short of the day’s first major resistance level at $0.2293 and the 23.6% FIB Retracement Level of 0.2684.
  • An intraday low and new swing lo $0.20023 saw NEM’s XEM fall through the day’s first major support level at $0.2115 to call on support at the day’s second major support level at $0.2018 before a partial recovery late in the day.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM slid by 7.51% on Tuesday, following Monday’s 2.71 gain, to end the day at $0.20395, as the bears continue to control the broader cryptomarket.

A relatively range bound first half of the day saw NEM’s XEM start of the day intraday high $0.22187 fall short of the day’s first major resistance level at $0.2093 and 23.6% FIB Retracement Level of 0.2684, with NEM’s XEM managing to avoid the day’s first major support level at $0.2115 with an early morning low $0.21499, before a broad based market sell-off kicked in.

NEM’s XEM slid to $0.21293 in the middle part of the day before a second sell-off saw NEM’s XEM fall through the day’s first major support level at $0.2115 to call on support at the day’s second major support level at $0.2018 with an intraday low and new swing lo $0.20023.

The moves through the 2nd half of the day continued to affirm the extended bearish trend formed in late April, with the negative sentiment across the broader market weighing.

At the time of writing, NEM’s XEM was down 1.42% to $0.20108, with NEM’s XEM falling back from an early morning high $0.20979 to a morning low $0.200494 before partially recovering.

While the moves through the early hours left the major support and resistance level untested, the persistently negative sentiment across the broader market will likely see NEM’s XEM under further pressure before buying appetite returns.

For the day ahead, a move through $0.2087 to the morning’s high $0.20979 would support a run at the day’s first major resistance level at $0.2171 and a possible recovery to $0.22 levels, though with current market sentiment, any major rebound remains unlikely near-term, the extended bearish trend likely to remain intact, supported by NEM’s XEM hitting a new swing lo on Tuesday.

Failure to break through to $0.21 levels to test the day’s first major resistance level would likely bring the day’s first major support level at $0.1955 into play, the last time NEM’s XEM having been at sub-$0.20 levels being at the beginning of April.

While there may be some upside later in the day, it’s looking bearish and things are likely to get worse before they get better.

XEM/USD 13/06/18 4-Hourly Chart

Looking at the Technical Indicators

Major Support Level: $0.1955

Major Resistance Level: $0.2303

Fib 23.6% Retracement Level: $0.2628

Fib 38% Retracement Level: $0.3015

Fib 62% Retracement Level: $0.3641

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