NEM’s XEM Technical Analysis – Eyeing New 2018 Lows – 21/11/18

Key Highlights

• NEM’s XEM fell by 5.44% on Tuesday, following on from Monday’s 16.85% tumble, to end the day at $0.07999.
• A morning reversal saw NEM’s XEM slide through the first major support level at $0.0743 to an intraday low and new swing lo $0.07234 before finding support.
• The late morning rebound saw NEM’s XEM break through the first major resistance level at $0.0884 to strike an intraday high $0.08964 before pulling back to $0.07 levels.
• The extended bearish trend formed at late April’s swing hi $0.46546 remained intact, with NEM’s XEM continuing to fall well short of the 23.6% FIB Retracement Level of $0.1651.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM fell by 5.44% on Tuesday, following Monday’s 16.85% slide, to end the day at $0.07999.

Tracking the broader cryptomarket, NEM’s XEM slid through the day’s first major support level at $0.0743 to a late morning intraday low and new swing lo $0.07234 before a late morning rebound that saw NEM’s XEM break through the first major resistance level at $0.0884 to an intraday high $0.08964.

Pressure from the broader market ultimately weighed, with NEM’s XEM falling back to $0.74 levels before steadying, NEM’s XEM unable to hold onto $0.08 levels late in the day, while the day’s loss was miner relative to the broader market.

The extended bearish trend, formed at late April’s swing hi $0.46547, remained intact with Tuesday’s new swing lo $0.07234. NEM’s XEM also continued to fall well short of Tuesday’s 23.6% FIB Retracement Level of $0.1695, with the 23.6% FIB Retracement Level last having been tested back in the first week of June.

At the time of writing, NEM’s XEM was up 0.51% to $0.0804, with NEM’s XEM falling to an early morning low $0.07523 before finding support to move into positive territory and a morning high $0.08243. Easing back from the morning high, NEM’s XEM left the day’s major support and resistance levels untested through the early hours.

For the day ahead, a hold onto $0.080 levels would support another run through the morning high $0.08243 to bring the day’s first major resistance level at $0.0890, which should pin NEM’s XEM back from a break through to $0.09 levels, with investors likely to lock in profits early in case of another reversal later in the day.

Failure to hold onto $0.08 levels through the morning could see NEM’s XEM slide back into the red later in the day, with a pullback through the morning low $0.07523 bringing the day’s first major support level at $0.0717 into play. While we would expect plenty of support at $0.070, another broad based market sell-off would bring the day’s second major support level at $0.0634 into play before any recovery.

Looking at the Technical Indicators

Major Support Level: $0.0717

Major Resistance Level: $0.0890

Fib 23.6% Retracement Level: $0.1651

Fib 38% Retracement Level: $0.225

Fib 62% Retracement Level: $0.3153