Key Highlights
- NEM’s XEM slid by 5.32% on Tuesday. Reversing a 2.98% gain from Monday, NEM’s XEM ended the day at $0.053314.
- An early morning intraday high $0.05794 saw NEM’s XEM break through the first major resistance level at $0.0577.
- A late in the day intraday low $0.05291 saw NEM’s XEM fall through the first major support level at $0.0540.
- 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 Support
NEM’s XEM slid by 5.32% on Tuesday. Reversing a 2.98% gain from Monday, NEM’s XEM ended the day at $0.053314.
The latest sell-off follows on from an 8.7% loss from the previous week.
A bullish start to the day saw NEM’s XEM rise to an early morning intraday high $0.057937 before hitting reverse.
Coming up against the first major resistance level at $0.0577, NEM’s XEM slid to a late afternoon low $0.0540.
The reversal saw NEM’s XEM test the first major support level at $0.0540 before recovering to $0.055 levels.
NEM’s XEM failed to hold on, however. A late sell-off saw NEM’s XEM slide back through the first major support level at $0.0540 to an intraday low $0.05291.
Steering clear of the second major support level at $0.05170, NEM’s XEM managed to recover to $0.0530 levels late in the day,
The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact. Following 9 weeks in the green, NEM’s XEM has seen 4 consecutive weeks in the red. The reversal ensured that 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 down by 1.9% to $0.05230. Tracking the broader market, NEM’s XEM fell from a start of a day morning high $0.053389 to a low $0.051487.
The reversal saw NEM’s XEM call on support at the first major support level at $0.0515 to move back through to $0.520 levels.
For the day ahead
A move through the morning high $0.053389 to $0.0550 levels would bring the first major resistance level at $0.0565 into play.
NEM’s XEM would need support from the broader market, however, to break out from $0.0540 levels.
Barring a broad-based crypto rally, NEM’s XEM would likely come up short of $0.0560 levels. In the event of a crypto rally, Tuesday’s high $0.05794 would likely limit any upside on the day.
Failure to move through to $0.0550 levels could see NEM’s XEM fall deeper into the red. A pullback through to sub-$0.0520 levels could see NEM’s XEM fall through the first major support level at $0.0515 to sub-$0.0510 levels.
Barring a crypto meltdown, however, NEM’s XEM would likely steer clear of sub-$0.050 support levels on the day.
Looking at the Technical Indicators
Major Support Level: $0.05150
Major Resistance Level: $0.0565
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
