NEM’s XEM Technical Analysis – Support Levels Back in Play – 25/12/18

NEM’s XEM joins the pack in the red, with support levels in play through the morning, a move back through to $0.075 levels needed to shift the tide.
Bob Mason
Crypto coins 77

Key Highlights

  • NEM’s XEM gained 2.44% on Monday, reversing a 2.16% loss on Sunday, to end the day at $0.07718.
  • A start of a day intraday low $0.07528 saw NEM’s XEM hold above the first major support level at $0.0730.
  • Tracking the broader market, NEM’s XEM broke through the first major resistance level at $0.0781 and second major resistance level at $0.0809 to strike an intraday high $0.08528 before easing back.
  • The extended bearish trend formed at late April’s swing hi $0.46547 remained intact, with NEM’s XEM continuing to fall well short of the 23.6% FIB Retracement Level of $0.1509, following a 15th December new swing lo $0.05369.

How to Buy NEM’s XEM

NEM’s XEM Price Resistance

NEM’s XEM gained 2.44% on Monday, following on from last week’s 21.75% rally, to end the day at $0.07718.

A bullish start to the day saw NEM’s XEM rally to a late morning intraday high $0.08528 before easing back, NEM’s XEM breaking through the first major resistance level at $0.0781 and second major resistance level at $0.0809 on the day.

Tracking the broader market through the day, a late afternoon reversal across the broader market saw NEM’s XEM fall to an afternoon low $0.07538, coming within range of a start of a day intraday low $0.07528 and the day’s first major support level at $0.0730 before steadying.

The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact in spite of last week’s gains, with NEM’s XEM continuing to fall well short of the 23.6 FIB Retracement Level of $0.1509.

At the time of writing, NEM’s XEM was down 5.08% to $0.07326, a broad based crypto sell-off weighing at the start of the day. NEM’s XEM slid from a morning high $0.07782 to a morning low $0.07166 before steadying. The reversal saw NEM’s XEM slide through the first major support level at $0.0730, whilst leaving the day’s first major resistance level at $0.0832 untested.

For the day ahead, a move back through to $0.075 levels would support a run at $0.079 levels to bring $0.080 levels into play later in the day, though sentiment would need to materially improve through the morning to support an afternoon rebound, with a move away from the first major support level at $0.0730 a must through the early part of the day.

Failure to move back through to $0.075 levels by the early afternoon could see NEM’s XEM lose more ground later in the day, a pullback through the first major support level at $0.0730 likely to bring sub-$0.07 levels and the second major support level at $0.0692 into play before any recovery.

Looking at the Technical Indicators

Major Support Level: $0.0732

Major Resistance Level: $0.0832

Fib 23.6% Retracement Level: $0.1509

Fib 38% Retracement Level: $0.2110

Fib 62% Retracement Level: $0.3082

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