NEM's XEM finds support early in the day. Holding onto $0.055 levels will be key, however, to avoid a sell-off...
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.
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.
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
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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.