NEM’s XEM Technical Analysis – Resistance Tested Early – 02/08/18

Key Highlights

• NEM’s XEM fell by 1.79% on Wednesday, following Tuesday’s 5.31% slide, to end the day at $0.15921.
• A start of a day intraday high $0.16211 fell well short of the day’s first major resistance level at $0.1707 and more importantly the 23.6% FIB Retracement Level of $0.2169.
• An early slide saw NEM’s XEM fall through the first major support level at $0.1572 to an intraday low $0.15451.
• NEM’s XEM mid-morning support reversed through the afternoon, sliding back through the first major support level at $0.1572 before a partial recovery.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM fell by 1.79% on Wednesday, following Tuesday’s 5.31% slide, to end the day at $0.15921.

Tuesday’s day long reversal continued into the early hours of Wednesday morning, with NEM’s XEM falling from a start of a day intraday high $0.16211 to an early morning intraday low $0.15451, the slide seeing NEM’s XEM pullback through the day’s first major support level at $0.1572 before support kicked in, with NEM’s XEM managing to hold above the second major support level at $0.1512 before bouncing back to $0.16 levels by late morning.

In spite of the strong support, the bearish sentiment across the broader market ultimately weighed, with NEM’s XEM sliding back through the first major support level at $0.1572 to an afternoon low $0.15476, before finding support late in the day to break back through the first major support level by the day’s end.

While there was plenty of support at sub-$0.16 levels, the recent downward trend and failure to break through to $0.21 levels to test the 23.6% FIB Retracement Level of $0.2169 reaffirmed the extended bearish trend formed back at 25^th April’s swing hi $0.47069.

At the time of writing, NEM’s XEM was up 0.8% to $0.16077, with NEM’s XEM moving through the day’s first major resistance level at $0.1627 to an early morning $0.16406 high, before pulling back to sub-$0.16 levels, the moves leaving the major support levels untested through the early part of the day.

For the day ahead, a move back through to $0.161 levels would support another at the first major resistance level at $0.1627 to bring the early morning $0.16406 high back into play, with sentiment across the broader market to dictate whether NEM’s XEM can take a run at the second major resistance level at $0.1662 later in the day.

Failure to move back through to $0.16 levels could see NEM’s XEM pullback through the early morning low $0.1591 to bring the first major support level at $0.1551 into play, a hold above $0.1586 through the morning key to avoiding a slide later in the day.

Looking at the Technical Indicators

Major Support Level: $0.1551

Major Resistance Level: $0.1626

Fib 23.6% Retracement Level: $0.2169

Fib 38% Retracement Level: $0.2643

Fib 62% Retracement Level: $0.3411