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.
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
