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NEM’s XEM Technical Analysis – Resistance Levels in Play – 05/07/19

NEM’s XEM is on the move early. A breakthrough to $0.0915 levels would bring $0.095 levels into play.
Bob Mason
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Key Highlights

  • NEM’s XEM fell by 2.61% on Thursday. Partially reversing a 3.46% gain from Wednesday, NEM’s XEM ended the day at $0.08895.
  • A late afternoon intraday high $0.09654 saw NEM’s XEM break through the first major resistance level at $0.0946.
  • A late intraday low $0.08776 saw NEM’s XEM test the first major support level at $0.0878.
  • The extended bearish trend formed at late April 2018’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.

How to Buy NEM’s XEM

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NEM’s XEM Price Resistance

NEM’s XEM fell by 2.61% on Thursday. Partially reversing a 3.46% gain from Wednesday, NEM’s XEM ended the day at $0.08895.

A relatively choppy start to the day saw NEM’s XEM fall to a morning low $0.08776 before making a move.

Finding support at the first major support level at $0.0878, NEM’s XEM bounced back to a late afternoon intraday high $0.09654.

The afternoon rally saw NEM’s XEM break through the first major resistance level at $0.0946 before taking a hit.

A broad-based crypto sell-off in the final hour of the day pulled NEM’s XEM into the red. NEM’s XEM slid to an intraday low $0.08776 before finding support. The first major support level at $0.0878 limited the downside for a 2nd time on the day.

The extended bearish trend, formed at late April 2018’s swing hi $0.46547, remained firmly intact.

Following a brief visit to $0.133 levels in the week of 13th May, a pullback to sub-$0.09 levels ensured that NEM’s XEM continued to fall 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 by 1.16% to $0.08998. A bullish start to the day saw NEM’s XEM rise from a morning low $0.08794 to a high $0.09057 before easing back.

NEM’s XEM left the major support and resistance levels untested in spite of the early gains.

For the day ahead

A move through to $0.0915 levels would support a run at the first major resistance level at $0.0944 later in the day.

NEM’s XEM would need the support of the broader market, however, to break out from this morning’s high $0.09057.

In the event of a broad-based crypto rally, NEM’s XEM could visit $0.096 levels struck on Thursday before any pullback.

We would expect, however, for NEM’s XEM to come up short of the second major resistance level at $0.0999.

Failure to move through to $0.0915 levels could see NEM’s XEM hit reverse. A fall through the morning low $0.08794 would bring the first major support level at $0.0823 into play before any recovery.

Barring a crypto meltdown, NEM’s XEM should steer well clear of sub-$0.080 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.0856

Major Resistance Level: $0.944

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

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