NEM’s XEM Technical Analysis – Calling for Support – 25/04/18

Key Highlights

• NEM’s XEM gained 6.91% on Tuesday, following Monday’s 1.59%, to end the day at $0.43143
• An intraday high $0.44071 saw NEM’s XEM break through the day’s first major resistance level of $0.4352 late in the day.
• The day’s $0.40221 low steered clear of the 23.6% FIB Retracement Level of $0.3698, with the day’s first major support level of $0.37183 also left untested in another bullish day.

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NEM’s XEM Price Support

NEM’s XEM gained 6.91% on Tuesday, following Monday’s 1.59% gain, to end the day at $0.43143, the highest level since mid-March.

NEM’s XEM continued its strong bull trend through the day on Tuesday, with NEM’S XEM hitting an intraday high $0.44071 late in the day, while the moves fell short of the day’s first major resistance level of $0.4587, the recent bull trend having given room for NEM’s XEM to run ahead of key resistance levels, with volatility has picked up through the month.

The morning’s $0.40221 low steered well clear of the day’s first major support level of $0.3798 and the 23.6% FIB Retracement Level of $0.3858, affirming the bull trend formed back at 6^th April’s swing lo $0.20803.

A lack of negative news through the day and a move by Bitcoin provided support for the broader market and NEM’s XEM.

At the time of writing, NEM’s XEM was down 12.09% to $0.37818, with the cryptomarket going through a broad sell-off within the early hours of the day, NEM’s XEM sliding through the day’s first major support level of $0.4089 within the first few hours of the day.

Psychological support at $0.40 failed to materialize as the investors took money off the table, a continued reversal in Bitcoin Cash shifting appetite for the market.

A late morning $0.36692 low saw NEM’s XEM slide through the 2^nd support level of $0.3863 and the 23.6% FIB Retracement Level of $0.3858 before NEM’s XEM found support to move back through to $0.37 levels.

For the day ahead, market sentiment will need to improve for NEM’s XEM to move back through to $0.40 levels, with support levels have failed to soften the blow early on.

A pullback through to the day’s 3^rd support level of $0.3478 could see the latest bull trend reverse and bring sub-$0.30 levels into play, though we will expect support at current levels and a partial recovery in the second half of the day, while the day’s first major resistance level of $0.4474 will likely remain out of reach.

Failure to move through to $0.385 by the early afternoon could see the reversal to sub-$0.30 levels, though much will depend on Bitcoin and Bitcoin Cash, the pair hitting investor appetite ahead of the schedule Bitcoin Cash hard fork next month.

Looking at the Technical Indicators

• Major Support Level: $0.4089
• Major Resistance Level: $0.4474
• Fib 23.6% Retracement Level: $0.3858
• Fib 38% Retracement Level: $0.3518
• Fib 62% Retracement Level: $0.2969