NEM’s XEM Technical Analysis – Eyeing Resistance Levels – 25/07/18
It’s a positive start to the day for NEM’s XEM, though for momentum to continue, the Bitcoin’s of this world are going to need to make a move.
Key Highlights
- NEM’s XEM gained 4.17% on Tuesday, following Monday’s 2.23% rise, to end the day at $0.18051.
- An early morning pullback saw NEM’s XEM fall through to an intraday low $0.16895 before recovering, the first major support level at $0.1609 left untested for the day.
- NEM’s XEM recovered through to an intraday high $0.18323 late in the day, while falling short of the first major resistance level at $0.1930.
- Failing to break through the 23.6% FIB Retracement Level of $0.2169 left the extended bearish trend intact.
NEM’s XEM Price Support
NEM’s XEM rose by 4.17% on Tuesday, following Monday’s 2.23% gain, to end the day at $0.18051.
A pullback through the early hours of the morning saw NEM’s XEM hit an intraday low $0.16895 before recovering through the morning and early afternoon to $0.17 levels, with the odd break through to $0.18 levels before relatively range bound late afternoon.
Following the broader market trend, positive sentiment across the broader market saw NEM’s XEM hit an intraday high $0.18323 late in the day before easing back to the day’s ending $0.18051, the day’s first major support level at $0.1930 left untested on the day.
Failure to break back through to $0.21 levels reaffirmed the extended bearish trend, with NEM’s XEM needing to break through the 23.6% FIB Retracement Level of $0.2169 to support a bearish trend reversal.
At the time of writing, NEM’s XEM was up 0.65% to $0.18164, with upward momentum from late Tuesday continuing into the hourly hours of this morning, NEM’s XEM hitting a morning high $0.1848 before easing back, the morning high falling short of the first major resistance level at $0.1862.
While the upward trend continued in the early hours, an early $0.17709 called on early support at sub-$0.18 levels, while the day’s first major support level at $0.1719 was left untested.
For the day ahead, a move back through the morning high $0.1848 would support another run at the first major resistance level at $0.1862, to bring $0.19 levels into play, the morning’s support and upward momentum supporting another day of solid gains.
Failure to move back through the morning high to take a run at $0.19 levels could see NEM’s XEM pullback through the morning low $0.17709 to call on support at the day’s first major support level a $0.1719, though we would expect NEM’s XEM to hold on to $0.18 levels by the day’s end barring materially negative news hitting the wires.
For the bulls, a breakthrough to $0.20 levels is going to be needed to bring the 23.6% FIB Retracement Level of 0.2169 into play, NEM’s XEM next target to begin forming a bearish trend reversal.
Looking at the Technical Indicators
Major Support Level: $0.1719
Major Resistance Level: $0.1862
Fib 23.6% Retracement Level: $0.2169
Fib 38% Retracement Level: $0.2643
Fib 62% Retracement Level: $0.3411
