NEM's XEM is leading the way early on. A move back through to $0.10 levels would support another run at $0.13 levels later in the day...
NEM’s XEM surged by 24.78% on Wednesday. Following on from a 12.31% rally on Tuesday, NEM’s XEM ended the day at $0.08047.
A particularly bullish start to the day saw NEM’s XEM jump from an intraday low $0.06438 to a morning high $0.078 before easing back to sub-$0.070 levels.
The early move saw NEM’s XEM come up against the first major resistance level at $0.0774.
Recovering through the afternoon, support from the broader market delivered a rally late in the day. NEM’s XEM broke back through the first major resistance level to strike an intraday high $0.08111 before easing back.
In spite of the late breakout, NEM’s XEM fell well short of the second major resistance level at $0.0903 on the day.
A 3rd consecutive day in the green gave NEM’s XEM a 43.9% gain for the current week.
The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact, however. Following 9 weeks in the green, NEM’s XEM saw 4 weeks in the red out of the last 5. 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 up by 19.63% to $0.09627. A particularly bullish start to the day saw NEM’s XEM rally from a morning low $0.07762 to a high $0.13231 before sliding back.
Moves through the early hours saw NEM’s XEM break through the major resistance levels to come within range of the 23.6% FIB of $0.1359.
A move back through the third major resistance level at $0.1015 would support another run at $0.13 levels later in the day.
NEM’s XEM would need support from the broader market, however, to break out from the 23.6% FIB of $0.1359.
Barring a sustained broad-based crypto rally, NEM’s XEM would likely continue to fall short of the 23.6% FIB.
Failure to move back through the third major resistance level could see NEM’s XEM ease back to sub-$0.090 levels. A pullback through $0.0920 levels could see NEM’s XEM fall back through the second major resistance level at $0.0879 before any recovery.
Barring a crypto meltdown, NEM’s XEM will likely avoid a full reversal of the morning gains.
Major Support Level: $0.0706
Major Resistance Level: $0.0842
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.