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NEM’s XEM Technical Analysis – Downward Bias Remains – 26/10/18

NEM’s XEM takes an early hit, with support levels in play as the broader market struggles following Thursday’s pullback, NEM’s XEM choppier than most.
Bob Mason
Cryptocurrencies investments

Key Highlights

  • NEM’s XEM slid by 2.06% on Thursday, following a 0.2% decline on Wednesday, to end the day at $0.09802.
  • A bearish first half of the day saw NEM’s XEM slide through the first major support level at $0.0984 and second major support level at $0.0966 to an intraday low $0.09587 before partially recovering.
  • A start of a day intraday high $0.10021 came up short of the first major resistance level at $0.1017.
  • The extended bearish trend formed at late April’s swing hi $0.46546 remained intact, NEM’s XEM continuing to fall well short of the 23.6% FIB Retracement Level of $0.1695.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM slid by 2.06% on Thursday, following a 0.2% decline on Wednesday, to end the day at $0.09802.

A particularly bearish start to the day saw NEM’s XEM fall through the day’s first major support level at $0.0984 and second major support level at $0.0966 to a late morning intraday low $0.09587 before finding support and a move back through to 0.097 levels and a relatively range second half of the day.

An attempt at reducing the deficit for the day saw NEM’s XEM strike an afternoon high $0.09924 before pulling back to $0.098 levels, the late move falling well short of a start of a day intraday high $0.100211 that came up short of the first major resistance level at $0.1017.

The day’s reversal and downward bias continued to reaffirm the extended bearish trend formed at late April’s swing hi $0.46547, with NEM’s XEM needing to break out from the 23.6% FIB Retracement Level of $0.1695 and take a run at the 38.2% FIB Retracement Level of $0.226 to begin forming a bearish trend reversal.

At the time of writing, NEM’s XEM was down 1.39% to $0.09669, moves through the early morning seeing NEM’s XEM fall from a start of a day morning high $0.0983 to a morning low $0.09634, NEM’s XEM leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to 0.098 levels would support another run at $0.10 levels and the day’s first major resistance level at $0.1002, while the day’s second major resistance level at $0.1024 will likely be out of reach, with downward bias likely to see NEM’s XEM face profit taking at the first major resistance level to pin back more material gains.

Failure to move back through to $0.098 levels could see NEM’s XEM take the hit on the day, with a fall through the first major support level at $0.0959 in the early part of the day likely to see NEM’s XEM call on support at the second major support level at $0.0937 before any recovery.

Looking at the Technical Indicators

Major Support Level: $0.0959

Major Resistance Level: $0.1002

Fib 23.6% Retracement Level: $0.1695

Fib 38% Retracement Level: $0.226

Fib 62% Retracement Level: $0.3174

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