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NEM’s XEM Technical Analysis – Support in Play – 13/09/18

NEM’s XEM slides back following a start of a day bounce to trail the broader market, with EU Finance Ministers to drive the cryptomarket today.
Bob Mason
Cryptocurrencies July

Key Highlights

  • NEM’s XEM gained 1.52% on Wednesday, partially reversing Tuesday’s 5.87% slide, to end the day at $0.08873.
  • A morning sell-off saw NEM’s XEM fall through the first major support level at $0.0844 and second major support level at $0.0807 to an intraday low and new swing lo $0.07803 before recovering.
  • An afternoon rebound saw NEM’s XEM move through to an intraday high $0.0889 by the day’s end, the first major resistance level at $0.0932 left untested on the day.
  • The new swing lo $0.07803 reaffirmed the extended bearish trend formed at late April’s swing hi $0.46547.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM gained 1.52% on Wednesday, partially reversing Tuesday’s 5.87% slide, to end the day at $0.08873.

Tuesday’s afternoon long sell-off continued into Wednesday morning, with NEM’s XEM sliding through the first major support level at $0.0844 and second major support level at $0.0807 to an intraday low and new swing lo $0.07803 before finding support late morning.

Tracking the broader market, NEM’s XEM broke back through the day’s major support levels to a late in the day intraday high $0.0889 before steadying. The day’s high $0.0889 fell short of the day’s first major resistance, with the new swing lo $0.07803 reaffirming the extended bearish trend formed at late April’s swing hi $0.46547.

For the crypto bulls, while the late recovery was a positive, NEM’s XEM hit a new swing lo for a 2nd consecutive day, reflecting the shift in sentiment in recent weeks, as investors brace for more regulatory action to ruffle the cryptomarket feathers.

At the time of writing, NEM’s XEM was down 0.3% to $0.08858, with NEM’s XEM tracking the broader market to a start of a day morning high $0.09124 before pulling back into the red, with a morning low $0.08594 before steadying, the morning moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to $0.09 levels would support another run at the day’s first major resistance level at $0.0924, with the early morning losses bucking the broader market trend that should ease resistance on a run at $0.09 levels. Holding on to current levels through the morning would be key to support a move later in the day.

Failure to hold above $0.085 through the morning could see NEM’s XEM take a bigger hit later in the day, bringing the day’s first major support level at $0.0815 and sub-$0.08 levels into play, though much will depend on the news wires and any crypto commentary from EU Finance Ministers who are scheduled to meet later in the day.

Looking at the Technical Indicators

Major Support Level: $0.0815

Major Resistance Level: $0.0961

Fib 23.6% Retracement Level: $0.1695

Fib 38% Retracement Level: $0.226

Fib 62% Retracement Level: $0.3174

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