NEM’s XEM Technical Analysis – Support Levels in Play – 08/05/19

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

How to Buy NEM’s XEM

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

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