NEM’s XEM Technical Analysis – Looking to Make a Move – 29/06/18

Key Highlights

• NEM’s XEM fell by 4.79% on Thursday, more than reversing Wednesday’s 1.84% gain, to end the day at $0.14598.
• NEM’s XEM start of the day intraday high $0.15501 fell short of the first major resistance level at $0.1572.
• A late sell-off saw NEM’s XEM slide through the day’s first major support level at $0.1474 to an intraday low $0.14381 before breaking back through to $0.145 levels by the day’s end.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM fell by 4.79% on Thursday, following Wednesday’s 1.84% gain, to end the day at $0.14598.

A start of the day intraday high $0.15501, which fell short of the first major resistance level at $0.1572, was the only bullish move of the day, NEM’s XEM and the broader cryptomarket continuing on its extended bearish trend.

While NEM’s XEM managed to hold on through much of the day, with a late morning low $0.15012 holding well above the first major support level at $0.1474, a late in the day sell-off saw NEM’s XEM slide through the first major support level to an intraday $0.14381 before recovering to $0.145 levels by the day’s end.

For the crypto bulls, the good news was the fact that NEM’s XEM managed to break back through the first major support level to $0.145 levels by the day’s end, though the continued failure to break through major resistance levels to take a run at the 23.6% FIB Retracement Level of $0.2169 continues to leave the extended bearish, trend formed at 24^th June’s swing lo $0.14008, firmly intact.

At the time of writing, NEM’s XEM was up 0.32% to $0.14614 in what’s been a choppy start to the day, NEM’s XEM looking for direction, the majors mixed early on in the day.

An early morning $0.14936 came up short of $0.15 levels and the day’s first major resistance level at $0.1527, with a mid-morning pullback to a morning low $0.14248 also leaving the day’s first major support level at $0.1415 untested as NEM’s XEM goes through another relatively range bound start to the day, in spite of the choppiness.

For the day ahead, NEM’s XEM will need to move through $0.1483 to support a run at the day’s first major resistance level at $0.1527, though we would expect resistance at $0.15 to build through the day should NEM’s XEM fail to make a middle of the day move that could see any break through to $0.15 levels short-lived at best.

Failure to move through $0.1483 to take a run at $0.15 levels could lead to NEM’s XEM coughing up minor gains from the morning, with the day’s first major support level at $0.1415 in play, though we would expect NEM’s XEM to avoid sub-$0.14 levels on the day, NEM’s XEM likely to find plenty of support at $0.1415.

While NEM’s XEM looks to have settled in the wake of Thursday’s losses, investors will need to be wary of the news wires ahead of the weekend, NEM’s XEM and the broader market in dire need of a weekend rally to take some of the pressure off.

Looking at the Technical Indicators

Major Support Level: $0.1415

Major Resistance Level: $0.1527

Fib 23.6% Retracement Level: $0.2169

Fib 38% Retracement Level: $0.2643

Fib 62% Retracement Level: $0.3411