NEM’s XEM Technical Analysis – Support Levels Eyed – 29/11/18

It’s a bearish start to the day, with a hold onto $0.08 levels needed to avoid a reversal of Wednesday’s gains, investors wary of another sell-off.
Bob Mason
Cryptos

Key Highlights

  • NEM’s XEM gained 8.44% on Wednesday, following a 9.92% rally on Tuesday, to end the day at $0.0830.
  • A late in the day intraday high $0.08569 saw NEM’s XEM break through the day’s first major resistance level at $0.0811 and second major resistance level at $0.0857 before easing back.
  • A start of the day intraday low $0.07807 saw NEM’s XEM steer well clear of the day’s first major support level at $0.0697.
  • The extended bearish trend formed at late April’s swing hi $0.46546 remained intact, in spite of the day’s gain, with NEM’s XEM continuing to fall well short of the 23.6% FIB Retracement Level of $0.1579.

How to Buy NEM’s XEM

NEM’s XEM Price Resistance

NEM’s XEM rose by 8.44% on Wednesday, following on from a 9.92% rally on Tuesday, to end the day at $0.0830.

A bullish start to the day saw NEM’s XEM rally from an intraday low $0.07607 to a mid-morning high $0.08569 before easing back, the early move seeing NEM’s XEM break through the first major resistance level at $0.0811 to come up against the second major resistance level at $0.0857 before falling back to sub-$0.080 levels.

Tracking the broader market through the afternoon, NEM’s XEM broke back through the day’s first major resistance level at $0.0811 and second major resistance level at $0.0857 to a late in the day intraday high $0.08621 before easing back to $0.083 levels by the day’s end.

In spite of a second consecutive day of solid gains, NEM’s XEM continued to fall well short of the 23.6% FIB Retracement Level of $0.1579, reaffirming the extended bearish trend formed at late April’s swing hi $0.46547 and 25th November’s swing low $0.06284.

At the time of writing, NEM’s XEM was down 2.86% to $0.08062, with a bearish start to the day seeing NEM’s XEM fall from a start of a day morning high $0.08419 to a morning low $0.07923 before finding support to move back through to $0.080 levels. The early moves saw NEM’s XEM come within range of the first major support level at $0.0786, while falling short of the first major resistance level at $0.0868.

For the day ahead, a move back through $0.0824 would support another run at the first major resistance level at $0.0868 to bring $0.090 levels into play, though sentiment across the broader market will need to materially improve to support a break out from the first major resistance level later in the day, the current pullback coming off the back of late Wednesday’s reversal.

Failure to move back through $0.0824 could see NEM’s XEM pullback deeper into the red, with a fall through the morning low $0.07923 bringing the day’s first major support level at $0.0786 into play, which may not be enough should sentiment fail to improve, the day’s second major support level at $0.0743 in play in the event of another meltdown.

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Looking at the Technical Indicators

Major Support Level: $0.0786

Major Resistance Level: $0.0868

Fib 23.6% Retracement Level: $0.1579

Fib 38% Retracement Level: $0.2166

Fib 62% Retracement Level: $0.3116

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