NEM's XEM takes a hit early on but could find support from the broader market. A move through to $0.065 levels will be key.
NEM’s XEM tumbled by 15.71% on Sunday. Following on from a 5.85% fall on Saturday, NEM’s XEM ended the day at $0.06217.
A particularly bearish weekend left NEM’s XEM down by 31.35% for the week ending 14th July.
On the day, a bearish morning saw NEM’s XEM slide from an early intraday high $0.074212 to a mid-afternoon low $0.061375.
Steering clear of the major resistance levels, NEM’s XEM fell through the first major support level at $0.0694 and second major support level at $0.0655.
A move back through to $0.065 levels late in the day was short-lived, with NEM’s XEM sliding back to a late intraday low $0.06115.
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 0.95% to $0.06158. A bearish start to the day saw NEM’s XEM fall from a morning high $0.063275 to a low $0.058046.
NEM’s XEM came within range of the first major support level at $0.0575 before moving back through to $0.060 levels.
A move through the morning high $0.063275 to $0.0658 levels would support a run at $0.070 levels later in the day.
NEM’s XEM would need the support of the broader market, however, to break out from $0.064 levels on the day.
In the event of a broad-based crypto rebound, NEM’s XEM could take a run at $0.072 levels before any pullback.
Failure to move through to $0.0658 levels could see NEM’s XEM struggle on the day. A fall back through to sub-$0.060 levels would bring the first major support level at $0.0575 into play.
Barring another crypto meltdown, NEM’s XEM should steer clear of the second major support level at $0.0528.
Major Support Level: $0.0575
Major Resistance Level: $0.0705
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.