NEM’s XEM Technical Analysis – Support Levels Buckle – 28/05/18

Key Highlights

• NEM’s XEM gained just 0.57% on Sunday, partially reversing Saturday’s 1.63% fall, to end the week down 21.23% at $0.25403.
• NEM’s XEM called on support at the day’s first major support level at $0.2513 with an intraday low $0.25116.
• The day’s first major resistance level at $0.2658 and the 23.6% FIB Retracement Level of $0.2997 were left untested through the day, NEM’S XEM hitting an intraday high $0.25973.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM failed to find its feet over the weekend, with Sunday’s 0.57% gain not enough to reverse Saturday’s 1.63% fall, leaving NEM’s XEM down 21.23% for the week, Monday through Sunday.

The crypto bulls would have had high hopes of a weekend rally, following the mid-week sell-off, but it wasn’t to be, Saturday’s middle of the day moves reversing late in the day, with a spill over into Sunday morning seeing NEM’s XEM slide to an early intraday low $0.25116.

With NEM’s XEM testing the day’s first major support level at $0.2513 early, there was no rebound to speak of, with the rest of the day range bound by historical standards, NEM’s XEM only managing to come close to the start of the day’s $0.25973 high just once in the late morning.

NEM’s XEM failed to break through to $0.26 levels to test the day’s first major resistance level at $0.2658, while also falling well short of the 23.6% FIB Retracement Level of $0.2997, reaffirming the bearish trend formed at 25^th April’s swing hi $0.46185.

At the time of writing, NEM’s XEM was down 4.17% to $0.24342, a morning high $0.25958 seeing NEM’s XEM break through the day’s first major resistance level at $0.2588 before a mid-morning sell-off kicked in, NEM’s XEM tracking the broader market downwards.

NEM’s XEM slid through the day’s first major support level at $0.2502 and the second major support level at $0.2464 to an intraday low $0.2414 before finding some support, though support will likely continue to be tested through the remainder of the day.

For the day ahead, a move back through the day’s first major support level of $0.2502 to $0.255 would signal the start of a rebound, bringing the day’s first major resistance level at $0.2588 and $0.26 levels into play later in the day, while the 23.6% FIB Retracement Level of $0.2997 will continue to remain untested as the bears maintain control.

Failure to move back through to $0.25 levels to test the day’s first major resistance level could see NEM’s XEM slide back to sub-$0.24 levels for the first time since 12^th April, bringing the day’s third major support level at $0.2378 into play.

While we will expect some support at sub-$0.24 levels, sentiment across the broader market will ultimately dictate whether NEM’s XEM can hold on to $0.24 levels and recover to $0.25 levels by the day’s end, things looking quite dire at the time of writing, with the bears firmly in control.

Looking at the Technical Indicators