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

By:
Bob Mason
Published: Jan 10, 2019, 04:49 UTC

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.

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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.

XEM/USD 10/01/19 Daily Chart

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

About the Author

Bob Masonauthor

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.

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