NEM's XEM is on the move early. Support from the broader market could bring $0.090 levels into play later in the day...
NEM’s XEM gained 3.01% on Thursday. Partially reversing an 8.94% slide from Wednesday, NEM’s XEM ended the day at $0.081081.
A bearish start to the day saw NEM’s XEM fall to a late morning intraday low $0.07295. The reversal saw NEM’s XEM fall through the first major support level at $0.0748 before bouncing back.
NEM’s XEM recovered to $0.080 levels in the early afternoon before easing back to $0.077 levels. Holding above the major support levels, NEM’s XEM found support from the broader market to strike a late intraday high $0.08236.
In spite of the rebound, NEM’s XEM fell short of the first major resistance level at $0.0856.
For the current week, it was the first day in the green out of four, leaving NEM’s XEM down 13.9% Monday through Thursday.
The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact. Following 9 weeks in the green, NEM’s XEM saw 4 weeks in the red out of the last 6. The reversal 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.
NEM’s XEM had managed to test selling pressure at the 23.6% FIB with a current year high $0.13664 struck on 16th May before sliding back to sub-$0.10 levels.
At the time of writing, NEM’s XEM was up by 3.53% to $0.083942. A particularly bullish start to the day saw NEM’s XEM rise from a morning low $0.08057 to a high $0.08693 before easing back.
The early rally saw NEM’s XEM break through the first major resistance level at $0.0846, whilst steering clear of the major support levels.
A move back through the first major resistance level at $0.0846 would bring the second major resistance level at $0.0882 into play.
NEM’s XEM would need support from the broader market, however, to break out from the first major resistance level.
In the event of a broad-based crypto rally, NEM’s XEM could visit $0.090 levels before any pullback.
Failure to move back through the first major resistance level at $0.0846 could see NEM’s XEM hit reverse later in the day.
A pullback through to $0.0810 levels would bring $0.0790 levels into play before any recovery.
Barring a broad-based crypto sell-off, NEM’s XEM would likely steer clear of the first major support level at $0.0752.
A fall through to $0.0785 would be needed to bring the first major support level into play.
Major Support Level: $0.0752
Major Resistance Level: $0.0846
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.