NEM's XEM is on the move. Breaking through the first major support level of the day brings $0.040 levels into play.
NEM’s XEM fell by 0.80% on Tuesday. Following on from a 3.97% slide on Monday, NEM’s XEM ended the day at $0.03864.
A bearish start to the day saw NEM’s XEM fall from a start of a day $0.03895 to a mid-morning intraday low $0.03801. Calling on support at the first major support level at $0.0382, NEM’s XEM rallied through to a late afternoon intraday high $0.03929 before easing back to $0.038 levels.
The afternoon high saw NEM’s XEM come up short of the first major resistance level at $0.0404, with the late pullback dragging NEM’s XEM back into the red before the day’s end.
The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact in spite of last week’s 4.8% gain. NEM’s XEM continues to fall well short of the 23.6 FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.
At the time of writing, NEM’s XEM was up by 1.88% to $0.03937. NEM’s XEM rose from a start of a day morning low $0.03858 to a morning high $0.03959 before easing back.
The early morning rally saw NEM’s XEM break through the first major resistance level at $0.0393, whilst steering clear of the first major support level at $0.0380.
A hold onto $0.039 levels through the morning would support a run at the second major resistance level at $0.0399 to bring $0.040 levels into play before any pullback.
Following 3 consecutive days in the red, the broader market’s bullish start to the day would need to continue into the afternoon for NEM’s XEM attempt a run at the third major resistance level at $0.0412 later in the day.
Failure to hold onto $0.039 levels could see NEM’s XEM pullback through the morning low $0.03858 to bring the first major support level at $0.0380 into play before any recovery. Barring a broad-based crypto reversal later in the day, we would expect NEM’s XEM to steer clear of the second major support level at $0.0374.
Major Support Level: $0.0380
Major Resistance Level: $0.0393
Fib 23.6% Retracement Level: $0.1359
Fib 38% Retracement Level: $0.1988
Fib 62% Retracement Level: $0.3007
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.