NEM’s XEM Technical Analysis – Resistance Levels in Play – 16/05/19

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…
Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Key Highlights

  • 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 start of a day intraday low $0.06439 saw NEM’s XEM steer clear of the first major support level at $0.0543.
  • A late intraday high $0.079839 saw NEM’s XEM break through the first major resistance level at $0.0774.
  • 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 Resistance

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.

For the day ahead

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.

Looking at the Technical Indicators

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

Please let us know what you think in the comments below

Thanks, Bob

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