NEM’s XEM Technical Analysis – Support Levels Eyed – 02/01/19

It’s a choppy start to the day, with NEM’s XEM needing to hold onto $0.067 levels through the morning to avoid testing support levels later in the day.
Bob Mason
Cryptos

Key Highlights

  • NEM’s XEM gained 2.86% on Tuesday, partially reversing a 7.09% slide on Monday, to end the day at $0.06765.
  • An early morning intraday low $0.06425 saw NEM’s XEM hold above the first major support level at $0.0624.
  • Tracking the broader market, NEM’s XEM rallied to a late in the day intraday high $0.06937, falling short of the first major resistance level at $0.06960 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 Support

NEM’s XEM gained 2.86% on Tuesday, partially reversing a 7.09% slide on Monday, to end the day at $0.06765.

A relatively choppy day saw NEM’s XEM recover from an early morning intraday low $0.06425 to $0.066 levels through the middle of the day before sliding back to $0.064 levels.

Steering clear of the day’s first major support level at $0.0624, NEM’s XEM found support from the broader market to rally to a late in the day intraday high $0.06937, coming up shy of the first major resistance level at $0.0696 to ease back to $0.067 levels by the day’s end.

The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact following last week’s losses, with NEM’s XEM continuing to fall well short of the 23.6 FIB Retracement Level of $0.1509 after hitting a new swing lo $0.05369 in mid-December.

At the time of writing, NEM’s XEM was down 0.3% to $0.06745, with moves through the early part of the day seeing NEM’s XEM fall from a start of a day morning high $0.0683 to a morning low $0.06732 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto $0.0670 levels through the morning would support a recovery later in the day, with a move through the morning high $0.0683 bringing 0.069 levels into play before any pullback, Tuesday’s high $0.06937 and the day’s first major resistance level at $0.0699 likely to pin NEM’s XEM back from a move through to $0.07 levels later in the day.

Failure to hold onto $0.0670 levels through the morning could see NEM’s XEM take a bigger hit later in the day, a pullback through the morning low $0.06732 bringing the day’s first major support level at $0.0648 into play before any recovery. While sub-$0.060 support levels will unlikely come into play later in the day, an extended sell-off across the broader market could bring the second major support level at $0.0620 into play before any recovery.

Looking at the Technical Indicators

Major Support Level: $0.0649

Major Resistance Level: $0.0699

Fib 23.6% Retracement Level: $0.1509

Fib 38% Retracement Level: $0.2110

Fib 62% Retracement Level: $0.3082

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