Key Highlights
- NEM’s XEM slid by 4.44% on Wednesday. Partially reversing a 26.13% rally from Tuesday, NEM’s XEM ended the day at $0.06989.
- An early morning intraday high $0.079809 saw NEM’s XEM come up against the first major resistance level at $0.0790 before easing back.
- A late in the day intraday low $0.06745 saw NEM’s XEM hold above the first major support level at $0.0621 before steadying.
- The extended bearish trend formed at late April’s swing hi $0.46547 remained intact. NEM’s XEM continued to fall well short of the 23.6% FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.
NEM’s XEM Price Resistance
NEM’s XEM slid by 4.44% on Wednesday. Partially reversing a 26.13% rally from Tuesday, NEM’s XEM ended the day at $0.06989.
A particularly bullish start to the day saw NEM’s XEM rally to an early morning intraday high $0.07981 before easing back.
The early move saw NEM’s XEM come up against the first major resistance level at $0.0790. Bouncing back from 0.0710 levels, NEM’s XEM struck an afternoon high $0.07945 and test the first major resistance level for a 2nd time before hitting reverse.
The late in the day reversal saw NEM’s XEM slide to an intraday low $0.06745. In spite of the sharp sell-off, NEM’s XEM managed to hold above the first major support level at $0.0621.
The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact in spite of the 8 consecutive weeks in the green. NEM’s XEM continued 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 1.8% to $0.07115. A bullish start to the day saw NEM’s XEM rise from a morning low $0.06838 to a high $0.07357 before easing back. Moves through the morning left the major support and resistance levels untested.
For the day ahead
A move through $0.0725 levels by late morning would support another run at the first major resistance level at $0.0773. Support from the broader market would be needed, however, for NEM’s XEM to take a run at Wednesday’s high $0.07981. Barring a broad-based crypto rally, we would expect NEM’s XEM to come up short of $0.080 levels on the day.
Failure to move through $0.0725 levels could see NEM’s XEM give up the morning gains. A fall back through the morning low $0.06838 would bring the first major support level at $0.065 into play. Barring a crypto sell-off, we would expect NEM’s XEM to avoid sub-$0.065 levels in the event of a reversal.
Looking at the Technical Indicators
Major Support Level: $0.065
Major Resistance Level: $0.0773
23.6% FIB Retracement Level: $0.1359
38.2% FIB Retracement Level: $0.1988
62% FIB Retracement Level: $0.3007
Please let us know what you think in the comments below
Thanks, Bob
