NEM’s XEM Technical Analysis – Resistance Levels in Play – 27/06/19

Key Highlights

• NEM’s XEM rallied by 6.63% on Wednesday. Reversing a 0.1% fall from Tuesday, NEM’s XEM ended the day at $0.09812.
• A late afternoon intraday high $0.10913 saw NEM’s XEM break through the major resistance levels.
• A late intraday low $0.089486 saw NEM’s XEM hold above the first major support level at $0.0871.
• 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 6^th February’s new swing lo $0.03405.

How to Buy NEM’s XEM

NEM’s XEM Price Resistance

NEM’s XEM rallied by 6.63% on Wednesday. Reversing a 0.1% fall from Tuesday, NEM’s XEM ended the day at $0.09812.

Bullish through most of the day, NEM’s XEM rallied from a morning low $0.09102 to a late afternoon intraday high $0.10913.

The rally saw NEM’s XEM break through the day’s major resistance levels before hitting reverse late in the day.

A broad-based crypto sell-off saw NEM’s XEM fall to a late intraday low $0.08949 before bouncing back. In spite of the reversal, NEM’s XEM steered clear of the first major support level at $0.0871 before recovering to $0.098 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 13^th May, a pullback to sub-$0.10 levels ensured that NEM’s XEM continued to fall short of the 23.6 FIB Retracement Level of $0.1359 following 6^th February’s new swing lo $0.03405.

At the time of writing, NEM’s XEM was down 0.97% to $0.09717. A particularly choppy start to the day saw NEM’s XEM rise to a morning high $0.10679 before sliding to a low $0.09377.

The early rally saw NEM’s XEM come within range of the first major resistance level at $0.1083. NEM’s XEM managed to hold well above the first major support level at $0.0887 on the way down.

For the day ahead

A move back through to $0.0990 levels would support another run at the first major resistance level at $0.1083.

NEM’s XEM would need support from the broader market, however, to break out from the early morning high $0.10679.

In the event of a broad-based crypto rebound, NEM’s XEM could take another run at $0.11 levels before any pullback.

Failure to move back through to $0.099 levels could see NEM’s XEM slide deeper into the red. A pullback through the morning low $0.09377 could bring sub-$0.0900 levels into play before any recovery.

Barring an extended crypto sell-off, the first major support level at $0.0887 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.0887

Major Resistance Level: $0.1083

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