NEM’s XEM Technical Analysis – Resistance Levels in Play – 30/04/19

Key Highlights

• NEM’s XEM slid by 4.56% on Monday. Following on from a 1.33% fall on Sunday, NEM’s XEM ended the day at $0.05694.
• An early morning intraday high $0.06108 saw NEM’s XEM fall short of the first major resistance level at $0.06170.
• An early afternoon intraday low $0.05665 saw NEM’s XEM fall through the first major support level at $0.0583 and second major support level at $0.0568.
• 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 slid by 4.56% on Monday. Following on from a 1.33% fall on Sunday, NEM’s XEM ended the day at $0.05694.

The sell-off came off the back of a 5.8% loss from the previous week.

A bullish start to the day saw NEM’s XEM rise to an early morning intraday high $0.06108 before hitting reverse.

Falling short of the first major resistance level at $0.06170, NEM’s XEM fell to an early afternoon intraday low $0.05665.

The sell-off saw NEM’s XEM fall through the first major support level at $0.0583 and second major support level at $0.0568.

A partial recovery to $0.0585 levels was short-lived, with NEM’s XEM sliding back to $0.056 levels late in the day.

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 has seen 3 consecutive weeks in the red. The reversal ensured that 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.

At the time of writing, NEM’s XEM was up by 0.1% to $0.056997. A mixed start to the day saw NEM’s XEM rise from a morning low $0.05672 to a high $0.05782 before easing back.

NEM’s XEM left the day’s major support and resistance levels untested early on.

For the day ahead

A move back through the morning high $0.0582 would support another run at the first major resistance level at $0.0598.

Support from the broader market would be needed, however, for NEM’s XEM to break through to $0.060 levels.

Barring a broad-based crypto rebound, NEM’s XEM would likely come up short of the second major resistance level at $0.0626.

Failure to move back through the morning high $0.0582 could see NEM’s XEM hit reverse. A pullback through the morning low $0.05672 would bring the first major support level at $0.0554 into play before any recovery.

Barring a crypto meltdown, NEM’s XEM would likely steer clear of the second major support level at $0.0538 on the day.

Looking at the Technical Indicators

Major Support Level: $0.0554

Major Resistance Level: $0.0598

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