NEM’s XEM Technical Analysis – Resistance Levels in Play – 19/06/19

Key Highlights

• NEM’s XEM slid by 4.96% on Tuesday. Reversing a 3.46% gain from Monday, NEM’s XEM ended the day at $0.08613.
• A start of a day intraday high $0.09095 saw NEM’s XEM fall short of the first major resistance level at $0.0934.
• A late intraday low $0.08486 saw NEM’s XEM fall through the first major support level at $0.0876.
• 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 6^th February’s new swing lo $0.03405.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM slid by 4.96% on Tuesday. Reversing a 3.46% gain from Monday, NEM’s XEM ended the day at $0.08613.

A particularly bearish day saw NEM’s XEM slide from a start of a day intraday high $0.09095 to a late intraday low $0.08486.

Steering clear of the first major resistance level at $0.0934, support levels came into play by mid-morning.

NEM’s XEM fell through the first major support level at $0.0876 to come within range of the second major support level at $0.0846.

Support from the broader market kicked in late in the day, with NEM’s XEM managing to move back through to $0.086 levels.

The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact.

Following a brief visit to $0.133 levels in the week of 13^th May, a pullback to sub-$0.10 levels ensured that NEM’s XEM continued to fall short of the 23.6 FIB Retracement Level of $0.1359 following 6^th February’s new swing lo $0.03405.

At the time of writing, NEM’s XEM was up by 1.03% to $0.08702. A bullish start to the day saw NEM’s XEM rally from a morning low $0.08536 to an early morning high $0.087353.

In spite of the early moves, NEM’s XEM left the major support and resistance levels untested.

For the day ahead

A move back through to $0.0873 levels would support further gains later in the day.

NEM’s XEM would need to move through to $0.0880 levels, however, to take a run at the first major resistance level at $0.0898.

Barring a broad-based crypto rally, NEM’s XEM would likely come up short of $0.0890 levels on the day.

In the event of a broad-based market rebound, NEM’s XEM would likely break through the first major resistance levels to hit $0.090 levels.

The second major resistance level at $0.0934 would likely cap any upside, in the event of a breakout.

Failure to move back through to $0.0873 levels could see NEM’s XEM hit reverse. A fall through the morning low $0.08536 would bring $0.0840 levels into play before any recovery.

In the event of a reversal, the first major support level at $0.0837 should limit the downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.08370

Major Resistance Level: $0.08980

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