Advertisement
Advertisement

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

By:
Bob Mason
Published: Jul 5, 2019, 02:05 GMT+00:00

NEM's XEM is on the move early. A breakthrough to $0.0915 levels would bring $0.095 levels into play.

cryptocurrency Silver and gold Bitcoin,litecoin,ethereum on dollar banknote on golden table,Virtual Digital money on blockchain concept.financial business.crypto currency mining.

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

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.

XEM/USD 05/07/19 Daily Chart

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

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.

Did you find this article useful?

Advertisement