NEM’s XEM Technical Analysis – Support Levels Eyed – 18/01/19

Key Highlights

• NEM’s XEM rose by 1.81% on Thursday, following on from a 1.47% gain on Wednesday, to end the day at $0.058183.
• A late morning intraday high $0.05979 saw NEM’s XEM break through the first major resistance level at $0.0588 before easing back.
• NEM’s XEM called on support at the first major support level at $0.0555, with an early afternoon intraday low $0.05546 before recovering.
• 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 15^th December new swing lo $0.05369.

How to Buy NEM’s XEM

NEM’s XEM Price Resistance

NEM’s XEM gained 1.81% on Thursday, following on from a 1.47% rise on Wednesday, to end the day at $0.058183.

A relatively choppy start to the day saw NEM’s XEM recover from a morning low $0.056156 to strike a late morning intraday high $0.05979 before hitting reverse. The late morning rally saw NEM’s XEM break through the first major resistance level at $0.0588.

Reversing in the early afternoon, NEM’s XEM fell through the day’s first major support level at $0.0555 to an intraday low $0.05546 before finding support. A move back through to $0.058 levels by the late afternoon was as bullish as it got in the 2^nd half of the day, with NEM’s XEM wrapping up the day at $0.058 levels by the day’s end.

The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact following a 3^rd  week of 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 on 15^th December.

At the time of writing, NEM’s XEM was down 0.73% to $0.05776, with a bearish start to the day seeing NEM’s XEM fall from a start of a day morning high $0.05832 to a morning low $0.0569 before steadying.

NEM’s XEM managed to steer clear of the first major support level at $0.0558, whilst also falling short of $0.060 levels and the first major resistance level at $0.0602.

For the day ahead, a hold onto $0.057 levels through the morning would support a move through the morning high $0.05832 to bring the first major resistance level at $0.0602 into play before any pullback. Barring a broad based crypto rally, strong resistance will likely pin NEM’s XEM back from a breakout from $0.060 levels to leave the second major resistance level at $0.0621 out of range in the day.

Failure to hold onto $0.057 levels could see NEM’s XEM pullback deeper into the red, with a fall through the morning low $0.0569 bringing the first major support level at $0.0558 into play. Heavier losses could be on the cards should sentiment across the broader market fail to improve, with the second major support level at $0.0535 there to prevent a sell-off to sub-$0.050 levels.

Looking at the Technical Indicators

Major Support Level: $0.0558

Major Resistance Level: $0.0602

Fib 23.6% Retracement Level: $0.1509

Fib 38% Retracement Level: $0.2110

Fib 62% Retracement Level: $0.3082