NEM’s XEM Technical Analysis – Support in Play – 01/10/18A bearish start to the quarter could see NEM’S XEM test support levels later in the day should the broader market reverse early gains.
- NEM’s XEM rose by 0.51% on Sunday, following a 1.72% gain on Saturday, to end the week down 5.07% to $0.09714.
- An early morning intraday low $0.09455 saw NEM’s XEM steer clear of the day’s first major support level at $0.0932.
- Support from the broader market led NEM’s XEM through to a late in the day intraday high $0.09781, falling short of the first major resistance level at $0.0990.
- The week’s losses reaffirmed the extended bearish trend formed at late April’s swing hi $0.46546, NEM’s XEM continuing to fall well short of the 23.6% FIB Retracement Level of $0.1695.
NEM’s XEM Price Support
NEM’s XEM gained 0.51% on Sunday, following a 1.72% rise on Saturday, to end the week down 5.07% to 0.09714. The week’s reversal contributed to a September 7.68% slide and a 40.61% tumble through the 3rd quarter.
It was a particularly choppy end to the quarter, with NEM’s XEM falling back from a start of a day morning high $0.9731 to an early morning intraday low $0.09455, before support from the broader cryptomarket kicked in for NEM’s XEM to move through to a late morning high $0.09701. The moves through the 1st half of the day left the major support and resistance levels untested.
NEM’s XEM managed to avoid of hitting a new low through the afternoon, with a number of pullbacks to $0.095 levels finding plenty of support, leading to a late in the day rally to an intraday high $0.09781, falling short of the day’s first major resistance level at $0.099 ahead of the day’s end.
At the time of writing, NEM’s XEM was down 0.24% to $0.96916, with NEM’s XEM moving from a start of a day morning low $0.9655 to a morning high $0.09777, before easing back, the day’s major support and resistance levels left untested, NEM’s XEM one of only a few of the majors in the red in the early hours.
For the day ahead, a move through the morning high $0.09777 would support a run at $0.098 levels to bring the day’s first major resistance level at $0.0985 into play, upward momentum from the broader market likely to lead to a reversal of the early losses should sentiment across the cryptomarket remain positive through the morning.
Failure to move back through the morning high $0.09777 could see NEM’s XEM take a bigger hit later in the day, with a pullback through the morning low $0.09655 likely to lead to a fall through to sub-$0.096 levels to bring the first major support level at $0.0952 into play before any recovery that would be dependent upon the news wires at the time of testing support levels.
It’s bearish start to the quarter, with direction likely to be hinged on the broader market later in the day.
Looking at the Technical Indicators
Major Support Level: $0.0952
Major Resistance Level: $0.0985
Fib 23.6% Retracement Level: $0.1695
Fib 38% Retracement Level: $0.226
Fib 62% Retracement Level: $0.3174