It's another bearish start to the day as NEM's XEM faces the prospects of a 5th consecutive week in the red...
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.
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.
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
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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.