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.
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.
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.
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
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Thanks, Bob
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.