NEM’s XEM Technical Analysis – Support Levels in Play – 03/06/19

NEM’s XEM slides deep into the red as a mid-morning sell-off hits the majors. A move back through to $0.093 levels would signal a rebound.
Bob Mason
Crypto00 567

Key Highlights

  • NEM’s XEM rose by 2.45% on Sunday. Partially reversing a 4.91% slide from Saturday, NEM’s XEM ended the day at $0.09536.
  • A start of a day intraday low $0.093 saw NEM’s XEM come within range of the first major support level at $0.0923.
  • A mid-day intraday high $0.09699 saw NEM’s XEM break through the first major resistance level at $0.0958.
  • The extended bearish trend formed at late April’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 gained 2.45% on Sunday. Partially reversing a 4.91% slide from Saturday, NEM’s XEM ended the day at $0.09536.

The Sunday recovery gave NEM’s XEM a 7.7% gain for the week.

On the day, a bullish start to the day saw NEM’s XEM rally from an early intraday low $0.09300 to a mid-day intraday high $0.09699.

Holding above the first major support level at $0.0923, NEM’s XEM broke through the first major resistance level at $0.0958 before sliding back to $0.093 levels.

Finding support late on, NEM’s XEM managed to move back through to $0.095 levels by the day end.

The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact. Following 9 weeks in the green, NEM’s XEM has seen 5 weeks in the red out of the last 8. The reversal 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.

NEM’s XEM had managed come within range of the 23.6% FIB with a current year high $0.13364 struck on 16th May before sliding back to sub-$0.10 levels.

At the time of writing, NEM’s XEM was down by 4.28% to $0.09127. A particularly choppy start to the day saw NEM’s XEM rally to a morning high $0.09875 before hitting reverse.

NEM’s XEM broke through the first major resistance level at $0.0972 before sliding to a mid-morning low $0.09077.

The reversal saw NEM’s XEM slide through the first major support level at $0.0932 and second major support level at $0.0911.

For the day ahead

A move back through the first major support level at $0.0932 would bring $0.095 levels into play later in the day.

NEM’s XEM would need support from the broader market, however, to break out from $0.095 levels and take a run at the morning high $0.09875.

Barring a broad-based cryptomarket rebound, NEM’s XEM will likely come up short of the first major resistance level at $0.0972.

Failure to move back through the first major support level could see NEM’s XEM fall deeper into the red. A pullback through the morning low $0.09077 would bring sub-$0.090 levels into play before any recovery.

Barring a crypto meltdown, however, NEM’s XEM would likely steer clear of the third major support level at $0.0871.

Looking at the Technical Indicators

Major Support Level: $0.0932

Major Resistance Level: $0.0972

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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