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

NEM’s XEM finds support early in the day. Holding onto $0.055 levels will be key, however, to avoid a sell-off…
Bob Mason
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Key Highlights

  • NEM’s XEM rose by 2.29% on Sunday. Following a 0.74% gain from Saturday, NEM’s XEM ended the day at $0.05531.
  • An early morning intraday low $0.053347 saw NEM’s XEM hold above the first major support level at $0.05280.
  • A late afternoon intraday high $0.056112 saw NEM’s XEM break through the first major resistance level at $0.0551.
  • The extended bearish trend formed at late April 2018’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 rose by 2.29% on Sunday. Following a 0.74% gain from Saturday, NEM’s XEM ended the day at $0.055431.

A choppy start to the day saw NEM’s XEM fall to an early morning intraday low $0.053347 before finding support.

In spite of the early pullback, NEM’s XEM steered clear of the first major support level at $0.0528.

Finding support from the broader market, NEM’s XEM rallied to a late afternoon intraday high $0.056112 before easing back.

The late morning rally saw NEM’s XEM break through the first major resistance level at $0.0551.

Choppy late in the day, NEM’s XEM slid back to $0.054 levels before closing out the day at $0.055 levels

The extended bearish trend, formed at late April 2018’s swing hi $0.46547, remained firmly intact.

Following a brief visit to $0.133 levels in the week of 13th May, a pullback to sub-$0.06 levels ensured that NEM’s XEM continued to fall 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 0.26% to $0.05545. A bullish start to the day saw NEM’s XEM rise from an early morning low $0.055034 to a morning high $0.055729 before easing back.

NEM’s XEM left he major support and resistance levels untested early on.

For the day ahead

NEM’s XEM would need to hold onto $0.055 levels to support a run at the first major resistance level at $0.0565.

Support from the broader market would be needed, however, for NEM’s XEM to break out from Sunday’s high $0.056112.

Barring a broad-based crypto rally, Sunday’s high and the first major resistance level would likely cap any upside on the day.

Failure to hold onto $0.055 levels could see NEM’s XEM take a hit on the day.

A fall through to $0.05450 would bring the first major support level at $0.0537 into play before any recovery.

Barring a crypto meltdown, NEM’s XEM should steer well clear of sub-$0.53 levels and the second major support level at $0.0522.

Looking at the Technical Indicators

Major Support Level: $0.0537

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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