It's another bullish start to the day. Holding onto $0.070 levels will be key through the morning to support further gains later in the day.
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.
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.
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
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Thanks, Bob
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.