NEM’s XEM Technical Analysis – Bulls Take Control – 17/07/18

Key Highlights

• NEM’s XEM gained 6.17% on Monday, following Sunday’s 3.12% rally, to end the day at $0.17352.
• An early intraday low $0.16129 saw NEM’s XEM hold well above the day’s first major support level at $0.1584.
• Tracking the broader market, a news driven rally saw NEM’s XEM break through the day’s first major resistance level at $0.1671 and second major resistance level at $0.1707 to an intraday high $0.17516, before easing back to $0.173 levels.
• In spite of solid gains, NEM’s XEM fell well short of the 23.6% FIB Retracement Level of $0.2169, leaving the extended bearish trend intact.

How to Buy NEM’s XEM

NEM’s XEM Price Resistance

NEM’s XEM rallied 6.17% on Monday, following on from Sunday’s 3.12% gain, to end the day at $0.17352.

A range bound start to the day saw NEM’s XEM steer clear of the day’s first major support level at $0.1584 with an intraday low $0.16129, before a mid-morning surge in appetite for cryptocurrencies saw NEM’s XEM break through the day’s first major resistance level at $0.1671 and second major resistance level at $0.1707 to a morning high $0.17293.

For the crypto bulls, the news driven rally through the morning found further support through the afternoon, with NEM’s XEM moving through to an intraday high $0.17516 before easing back to the day’s ending $0.17353, the hold above the second major resistance level at $0.1707 sending signals of a possible near-term bullish trend formation.

In spite of the gains through the weekend and the start of the week, NEM’s XEM continues to fall well short of the 23.6% FIB Retracement Level of $0.2169 last tested in mid-June, leaving the extended bearish trend formed at 25^th April’s swing hi $0.46541 firmly intact.

At the time of writing, NEM’s XEM was down 0.57% to $0.17364, the losses coming as NEM’s XEM tracked the broader market through the early part of the day.

A morning high $0.18113 saw NEM’s XEM break through the day’s first major resistance level at $0.1787 before pulling back to $0.17 levels, as a broad based cryptomarket sell-off kicked in the early part of the day.

For the day ahead, a move back through to $0.18 levels would support another run at the second major resistance level at $0.1839, though NEM’s XEM may see resistance build at the first major resistance level at $0.1787 build should NEM’s XEM fail to make a move in the earlier part of the day.

Failure to move back through the first major resistance level at $0.1787 to $0.18 levels could see NEM’s XEM pullback through $0.17 to bring the day’s first major support level at $0.1648 into play, with sentiment across the broader market needing to materially improve for the majors to avoid a reversal later in the day.

Looking at the Technical Indicators

Major Support Level: $0.1648

Major Resistance Level: $0.1787

Fib 23.6% Retracement Level: $0.2169

Fib 38% Retracement Level: $0.2643

Fib 62% Retracement Level: $0.3411