NEM’s XEM Technical Analysis – Resistance Levels in Play – 21/09/18

It’s a bullish start to the day, with Thursday’s late rally continuing into the early hours, a shift in sentiment supporting the early gains.
Bob Mason
Cryptocurrencies Portfolio

Key Highlights

  • NEM’s XEM gained 5.07% on Thursday, following a 0.79% fall on Wednesday, to end the day at $0.0981.
  • A range bound start to the day saw NEM’s XEM fall to an early morning low $0.08512 before finding support, the day’s first major support level at $0.0834 left untested on the day.
  • A late in the day rally saw NEM’s XEM hit an intraday high $0.09154 before easing back, NEM’s XEM breaking through the first major resistance level at $0.0903.
  • The extended bearish trend formed at late April’s swing hi $0.46547 remained intact, with NEM’s XEM continuing to fall well short of the 23.6% FIB Retracement Level of $0.1695.

How to Buy NEM’s XEM

NEM’s XEM Price Resistance

NEM’s XEM gained 5.07% on Thursday, following Wednesday’s 0.79% fall, to end the day at $0.09081.

A relatively range bound start to the day saw NEM’s XEM ease back to an early morning intraday low $0.08512 before finding support, with NEM’s XEM managing to steer clear of the day’s first major support level at $0.0834.

Tracking the broader market, NEM’s XEM eased back to a 2nd half of a day low $0.08617 before a broad based cryptomarket rally kicked in, with NEM’s XEM rallying to a late in the day intraday high $0.09154, NEM’s XEM breaking through the day’s first major resistance level at $0.0903.

A slight pullback at the end of the day was not enough to see NEM’s XEM give up $0.09 levels on the day, while continuing to fall well short of the 23.6% FIB Retracement Level of $0.1695 reaffirmed the extended bearish trend formed at late April’s swing hi $0.46547.

At the time of writing, NEM’s XEM was up 2.96% to $0.09334, with Thursday’s late in the day rally continuing into the early hours of this morning, NEM’s XEM breaking through the day’s first major resistance level at $0.0932 and second major resistance level at $0.0956 to an intraday high $0.09695 before easing back.

For the day ahead, a move back through the morning high would support another run at $0.10 levels and the day’s third major resistance level at $0.102, though NEM’s XEM can expect to face plenty of resistance on any run through to $0.10 levels, with NEM’s XEM needing to hold above $0.092 levels through the morning to support stronger gains later in the day.

Failure to hold above $0.092 through the morning could see NEM’s XEM hit reverse later in the day, with a pullback through the morning low $0.08999 bringing the day’s first major support level at $0.0868 into play before any recovery, the day’s second major support level at $0.0827 unlikely to be tested, barring materially negative news hitting the crypto wires.

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Looking at the Technical Indicators

Major Support Level: $0.0868

Major Resistance Level: $0.0932

Fib 23.6% Retracement Level: $0.1695

Fib 38% Retracement Level: $0.226

Fib 62% Retracement Level: $0.3174

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