NEM’s XEM Technical Analysis – Support Levels in Play – 09/08/19

NEM’s XEM follows the majors into the red. A move through to $0.0617 levels would signal a rally, though avoiding sub-$0.0590 levels will be key.
Bob Mason
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Key Highlights

  • NEM’s XEM slid by 4.62% on Thursday. Reversing a 0.78% gain from Wednesday with interest, NEM’s XEM ended the day at $0.060756.
  • An early morning intraday high $0.06437 saw NEM’s XEM fall short of the first major resistance level at $0.06630
  • A late intraday low $0.059935 saw NEM’s XEM fall through the first major support level at $0.06140.
  • 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.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM slid by 4.62% on Thursday. Reversing a 0.78% gain from Wednesday, with interest, NEM’s XEM ended the day at $0.060756.

Bearish from the start of the day, NEM’s XEM slid from an early morning intraday high $0.06437 to a mid-morning low $0.06175.

Steering clear of the major resistance levels, NEM’s XEM came within range of the first major support level at $0.0614.

Finding support through the late morning, NEM’s XEM recovered to $0.063 levels before hitting reverse.

Sliding through the 2nd half of the day, NEM’s XEM fell to a late intraday low $0.059935. The reversal saw NEM’s XEM fall through the first major support level at $0.0614.

Finding support late on, NEM’s XEM managed to recover to $0.060 levels ahead of the day end.

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 1.08% to $0.060102. A choppy start to the day saw NEM’s XEM rise to an early morning high $0.061188 before hitting reverse.

Falling short of the first major resistance level at $0.0634, NEM’s XEM slid back to a morning low $0.059779.

In spite of the early sell-off, NEM’s XEM steered clear of the first major support level at $0.0590.

For the day ahead

A move through the morning high to $0.0617 levels would support a run at the first major resistance level at $0.0634.

NEM’s XEM would need the support of the broader market, however, to break out from $0.0610 levels.

In the event of a broad-based crypto rebound, Thursday’s high $0.06437 would pin NEM’s XEM back from a run at the second major resistance level at $0.0661.

Failure to move through to $0.0617 levels could see NEM’s XEM fall deeper into the red.

A fall through the morning low $0.059779 would bring the first major support level at $0.0590 into play.

Barring an extended sell-off through the day, NEM’s XEM should steer well clear of the second major support level at $0.0573.

Looking at the Technical Indicators

Major Support Level: $0.0590

Major Resistance Level: $0.0634

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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