NEM’s XEM Technical Analysis – Resistance Levels Eyed – 10/01/19

It’s a bullish start to the day, with resistance levels in play and a hold onto $0.066 levels supporting a run at $0.068 levels.
Bob Mason
Crypto00 567

Key Highlights

  • NEM’s XEM fell by 0.53% on Wednesday, following on from a 0.71% decline on Tuesday, to end the day at $0.06537.
  • Tracking the broader market, NEM’s XEM struck a late morning intraday high $0.06679, coming up against the first major resistance level at $0.0673 before hitting reverse.
  • An early afternoon intraday low $0.06396 saw NEM’s XEM fall through the first major support level at $0.0643 before recovering.
  • The extended bearish trend formed at late April’s swing hi $0.46547 remained intact, with NEM’s XEM continuing to fall well short of the 23.6% FIB Retracement Level of $0.1509, following a 15th December new swing lo $0.05369.

How to Buy NEM’s XEM

NEM’s XEM Price Resistance

NEM’s XEM fell by 0.53% on Wednesday, following on from a 0.71% decline on Tuesday, to end the day at $0.06537, the decline a 3rd in a row to leave NEM’s XEM facing the prospects of a 3rd consecutive week in the red.

A relatively bullish morning saw NEM’s XEM rise from a start of a day $0.06572 to a late morning intraday high $0.06679, coming up against the first major resistance level at $0.0673 before hitting reverse.

The reversal saw NEM’s XEM fall through the first major support level at $0.0643 to an early afternoon intraday low $0.06396 before moving back through to $0.065 levels to limit the losses for the day.

The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact following a 2nd  week of losses and a 3rd consecutive day in the red, with NEM’s XEM continuing to fall well short of the 23.6 FIB Retracement Level of $0.1509 after hitting a new swing lo $0.05369 on 15th December.

At the time of writing, NEM’s XEM was up 1.11% to $0.06610, with moves through the morning seeing NEM’s XEM rise from a start of a day morning low $0.06521 to a morning high $0.06621, coming within range of the first major resistance level at $0.0668 before easing back.

For the day ahead, a hold above $0.0655 levels through the morning would support another run at the first major resistance level at $0.0668, with support from the broader market needed to bring the second major resistance level at $0.0682 into play before any pullback, $0.070 levels unlikely to be in play through the day.

Failure to hold above $0.0655 could see NEM’s XEM pullback through the morning low $0.06521 to bring the first major support level at $0.064 into play before any recovery, NEM’s XEM unlikely to call on sub-$0.064 support levels barring a major crypto sell-off later in the day.

Looking at the Technical Indicators

Major Support Level: $0.0640

Major Resistance Level: $0.0668

Fib 23.6% Retracement Level: $0.1509

Fib 38% Retracement Level: $0.2110

Fib 62% Retracement Level: $0.3082

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