NEM's XEM recovers from heavy losses, but expect a choppy day ahead. A move through to $0.05820 levels would be needed to avoid a sell-off.
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 6th 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.
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.
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
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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.