NEM’s XEM Technical Analysis – Support Levels in Play – 01/08/19

NEM’s XEM tracks the majors into the red in the early hours. A move back through to $0.066 levels would signal a rebound.
Bob Mason
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Key Highlights

  • NEM’s XEM rose by 1.88% on Wednesday. Following on from a 2.72% gain from Tuesday, NEM’s XEM ended the day at $0.06626.
  • An early afternoon intraday high $0.066945 saw NEM’s XEM break through the first major resistance level at $0.0665
  • A late intraday low $0.064529 saw NEM’s XEM steer clear of the first major support level at $0.06270
  • The extended bearish trend formed at late April 2018’s swing hi $0.46547 remained intact. NEM’s XEM continued to fall well short of the 23.6% FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM rose by 1.88% on Wednesday. Following on from a 2.72% gain from Tuesday, NEM’s XEM ended the day at $0.06626.

A relatively bullish first half of the day saw NEM’s XEM rise from a morning low $0.06453 to an early afternoon intraday high $0.066945.

Steering clear of the major support levels, NEM’s XEM broke through the first major resistance level at $0.06650.

A pullback through the afternoon saw NEM’s XEM fall to a late intraday low $0.064529 before finding support.

Steering clear of the first major support level at $0.0627, NEM’s XEM recovered to $0.066 levels to close out the day in the green.

The extended bearish trend, formed at late April 2018’s swing hi $0.46547, remained firmly intact.

Following a brief visit to $0.133 levels in the week of 13th May, a pullback to sub-$0.07 levels ensured that NEM’s XEM continued to fall short of the 23.6 FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

At the time of writing, NEM’s XEM was down by 2.28% to $0.06475. A bearish start to the day saw NEM’s XEM fall from an early morning high $0.06622 to a low $0.064296 before finding support.

Steering clear of the first major resistance level at $0.0673, NEM’s XEM fell through the first major support level at $0.0649 early on.

For the day ahead

A move back through the first major support level to $0.0660 levels would support a run at the first major resistance level at $0.0673.

NEM’s XEM would need the support of the broader market, however, to break out from this morning’s high $0.06622.

Barring a broad-based crypto rally, Wednesday’s high $0.066945 and the first major resistance level would likely limit any upside.

Failure to move back through to $0.0660 levels would see NEM’s XEM struggle through the day. A fall back through the morning low $0.064296 would bring sub-$0.064 levels into play.

An extended sell-off through the day would see NEM’s XEM test the second major support level at $0.0635 before any recovery.

Barring a crypto meltdown, however, we would expect NEM’s XEM to steer clear of sub-$0.0630.

Looking at the Technical Indicators

Major Support Level: $0.0649

Major Resistance Level: $0.0673

23.6% FIB Retracement Level: $0.1359

38.2% FIB Retracement Level: $0.1988

62% FIB Retracement Level: $0.3007

Please let us know what you think in the comments below

Thanks, Bob

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