NEM’s XEM Technical Analysis – Resistance Levels in Play – 27/03/19
NEM’s XEM makes strong gains early on and could be eyeing $0.052 levels this week as the bears look to take a firmer grip.
Key Highlights
- NEM’s XEM slipped by 0.08% on Tuesday. Following on from a 4.51% slide on Monday, NEM’s XEM ended the day at $0.04963.
- An early morning intraday high $0.05040 saw NEM’s XEM come up against the first major resistance level at $0.0504 before hitting reverse.
- An early afternoon intraday low $0.04868 saw NEM’s XEM fall through the first major support level at $0.0491 before steadying.
- 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 6th February’s new swing lo $0.03405.
NEM’s XEM Price Support
NEM’s XEM slipped by 0.08% on Tuesday. Following on from a 4.51% slide on Monday, NEM’s XEM ended the day at $0.04963.
A relatively range-bound start to the day saw NEM’s XEM rise to an early intraday high $0.0504 before hitting reverse.
Coming up against the first major resistance level at $0.0504, NEM’s XEM fell to an early afternoon intraday low $0.04859. The pullback saw NEM’s XEM slide through the first major support level at $0.0491 before recovering.
Finding support at the second major support level at $0.0485, NEM’s XEM managed to recover to $0.049 levels by the day’s end.
The bearish start to the week comes off the back of 7 consecutive weeks in the green for NEM’s XEM.
The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact in spite of the 7 weeks in the green. 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.
At the time of writing, NEM’s XEM was by 2.45% to $0.05085. Tracking the broader market, NEM’s XEM rallied from a morning low $0.04957 to a morning high $0.051028. Steering clear of the first major support level at $0.0487, NEM’s XEM broke through the first major resistance level at $0.0505.
While breaking through to $0.0510 levels, NEM’s XEM came up short of the second major resistance level at $0.0514 before easing back.
For the day ahead
A hold onto $0.050 levels through the morning would support another run at the second major resistance level at $0.0514. The broader market would need to avoid a pullback for NEM’s XEM to move back through to $0.051 levels, however. In the event of an extended rally through the day, the second major resistance level would likely pin NEM’s XEM back from $0.0515 levels.
Failure to hold onto $0.050 levels could see NEM’s XEM give up the early morning gains. A pullback through the morning low $0.04957 would bring the first major support level at $0.0487 into play. Barring a crypto sell-off, however, we would expect NEM’s XEM to steer clear of sub-$0.049 support levels on the day.
Looking at the Technical Indicators
Major Support Level: $0.0487
Major Resistance Level: $0.0505
23.6% FIB Retracement Level: $0.1359
38.2% FIB Retracement Level: $0.1988
62% FIB Retracement Level: $0.3007
