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.
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.
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.
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
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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.