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.
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.
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
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.