Key Highlights
- NEM’s XEM gained 2.83% on Sunday, partially reversing a 4.30% slide on Saturday, to end the week down 18.4% to $0.06177.
- A start of a day intraday low $0.05975 saw NEM’s XEM steer clear of the first major support level at $0.0546.
- NEM’s XEM hit a late afternoon intraday high $0.06407, coming within range of the first major resistance level at $0.0646 before easing back to $0.061 levels.
- 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 the week’s new swing lo $0.05369.
NEM’s XEM Price Resistance
NEM’s XEM gained 2.83% on Sunday, partially reversing a 4.3% slide on Saturday, to end the week down 18.4% to $0.06177.
A bullish start to the day saw NEM’s XEM move through to a mid-morning high $0.06385, coming up just shy of the first major resistance level at $0.0646 before easing back ahead of a late afternoon bounce to an intraday high $0.06407.
Coming within range of the first major resistance level at $0.0646, NEM’s XEM was unable to hold on, easing back late in the day to $0.061 levels late in the day. A start of a day intraday low $0.05975 also left the day’s major support levels untested.
The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact following 5 days in the red out of the last 7, 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 0.51% to $0.06146, a relatively range bound start to the day seeing NEM’s XEM steer clear of the major support and resistance levels with a morning high $0.06240 and low $0.06065.
For the day ahead, a move back through to $0.0620 levels would be needed to support a run back through Sunday’s high $0.06407 to test the day’s first major resistance level at $0.064, with any breakout to $0.065 levels dependent upon sentiment across the broader crypto-market later in the day.
Failure to move back through to $0.0620 levels could see NEM’s XEM extended its losses through the day, with a pullback through the morning low $0.06065 bringing the day’s first major support level at $0.0597 into play. Following last week’s sell-off and with the negative bias remaining intact, in spite of Sunday’s gain, a broad based crypto sell-off would bring the second major support level at $0.0575 into play before any recovery.
Looking at the Technical Indicators
Major Support Level: $0.0597
Major Resistance Level: $0.0640
Fib 23.6% Retracement Level: $0.1509
Fib 38% Retracement Level: $0.2110
Fib 62% Retracement Level: $0.3082