Key Highlights
- NEM’s XEM rallied 4.47% on Wednesday, following Tuesday’s 0.16% fall, to end the day at $0.42262.
- XEM managed to recover from an early morning dip to a day low $0.39466, to break out from the 23.6% FIB Retracement Level of $0.402 to hit an intraday high $0.42896.
- While the day’s first major support level of $0.3877 was left untested, NEM’s XEM broke through and held above the day’s first major resistance level of $0.4155 on Wednesday.
NEM’s XEM Price Support
NEM’s XEM gained 4.47% on Wednesday, following Tuesday’s 0.16% consolidation of April’s rally, to end the day at $0.42262.
A morning $0.39466 low tested buyer appetite at the 23.6% FIB Retracement Level of $0.402 early on, with a positive shift in sentiment across the market supporting an early recovery and a breakout from the 23.6% FIB Retracement Level to a day high 0.42896 that saw NEM’s XEM break through the day’s first major resistance level of $0.4155 and second major resistance level of $0.4264 before easing back to end the day at $0.42 levels.
Holding above the day’s first major resistance level was certainly a positive while setting NEM’s XEM up for this morning’s early pullback.
At the time of writing, NEM’s XEM was down 1.57% to $0.41573, with a lack of momentum through the early part of the morning leaving the day’s first major resistance level of $0.4362 untested.
An early intraday high $0.42557 was the only positive, a pullback coming from some early profit taking leading NEM’s XEM to a morning low $0.41115.
A hold above the day’s first major support level of $0.4019 and 23.6% FIB Retracement Level of $0.402 will be considered as a positive start to the day, supporting a reversal to this morning’s slide and a move back through to the day’s $0.426 high to test the day’s first major resistance level of $0.4362.
With investors seemingly edgy following April’s rally, a pullback through to test the day’s first major support level may be on the cards later in the day should NEM’s XEM fail to break through to $0.43 levels, with NEM’s XEM sitting at its $0.4154 pivot early on, which would likely see NEM’s XEM give up $0.40 levels.
The direction at the day’s first major support level of $0.4019 and 23.6% FIB Retracement Level will be in the hands of sentiment across the broader market, with the day’s key support level sitting at the second major support level of $0.3811.
While NEM’s XEM bullish trend formed at 6th April’s swing lo 0.20803 remains intact following Wednesday’s gain, a reversal through to sub-$0.38 levels would see the formation of a bearish trend and more significant declines before a longer-term bullish trend kicks in.
Looking at the Technical Indicators
- Major Support Level: $0.4019
- Major Resistance Level: $0.4362
- Fib 23.6% Retracement Level: $0.4020
- Fib 38% Retracement Level: $0.3649
- Fib 62% Retracement Level: $0.3050