Key Highlights
- NEM’s XEM gained 0.86% on Wednesday, partially reversing Tuesday’s 3.05% fall, to end the day at $0.38213.
- An intraday low $0.3532 saw NEM’s XEM slide through the first major support level at $0.3622 and 38.2% FIB Retracement Level of $0.3649 before an afternoon recovery.
- An intraday high $0.39085 left key resistance levels untested through the day, while also failing to move through to $0.40 levels and the 23.6% FIB Retracement Level of $0.402.
NEM’s XEM Price Support
NEM’s XEM gained 0.86% on Wednesday, partially reversing Tuesday’s 3.05% fall, to end the day at $0.38213, the day’s moves bringing to an end a series of reversals in the early part of May, with NEM’s XEM having failed to break through to a new swing hi since 25th April’s $0.46185.
An early slide saw NEM’s XEM fall through the 38.2% FIB Retracement Level of $0.3649 and the day’s first major support level at $0.3622, with negative sentiment across the broader market through the morning leaving buyers side lined.
With a shift in sentiment across the market in the late morning, NEM’s XEM broke out from the 38.2% FIB Retracement Level of $0.3649 to an day high $0.39085, coming within reach of the 23.6% FIB Retracement Level of $0.4020 before easing back to $0.38 levels by the day’s end.
Breaking out and holding above the 38.2% FIB Retracement Level continued to provide near-term support to the bullish trend formed at 6th April’s swing lo $0.20803, while failing to test the day’s first major resistance level at $0.3992 will test support in the coming days, the bullish trend certainly under pressure this week.
At the time of writing, NEM’s XEM was down 1.57% to $0.37504, with early gains through to a morning high $0.38715 falling short of the day’s first major resistance level at $0.3976 and more importantly, the 23.6% FIB Retracement Level of $0.4020.
The lack of a move in the early hours saw NEM’s XEM pullback to a morning low $0.37411, mixed sentiment across the market and Wednesday’s failure to test key resistance levels through the day weighing on NEM’s XEM early.
For the day ahead, a move back through to the morning’s $0.38715 high would support a run at the first major resistance level at $0.3976, though for NEM’s XEM to break out from the 23.6% FIB Retracement Level of $0.4020, market sentiment will need to improve later this morning, failure to make a move today likely further test the extended bullish trend.
Failure to move through to $0.38 levels through the middle part of the day could see NEM’s XEM take a bigger hit this afternoon, bringing the day’s first major support level at $0.3599 into play, such a move pulling NEM’s XEM back through the 38.2% FIB Retracement Level of $0.3649.
With a near-term bearish trend having formed, failure to break through to $0.40 levels will bring into question the extended bull-run, a bullish trend reversal now looking on the cards.
Looking at the Technical Indicators
Major Support Level: $0.3599
Major Resistance Level: $0.3976
Fib 23.6% Retracement Level: $0.4020
Fib 38% Retracement Level: $0.3639
Fib 62% Retracement Level: $0.3050