NEM’s XEM Technical Analysis – Support Levels in Play – 09/10/18

Key Highlights

• NEM’s XEM rose by 3.1% on Monday, following on from Sunday’s 3.4% rally, to end the day at $0.11033.
• An early morning intraday low $0.10506 saw NEM’s XEM steer clear of the day’s first major support level at $0.1032.
• Support from the broader market led NEM’s XEM through to mid-day intraday high $0.11168, NEM’s XEM breaking through the first major resistance level at $0.1105.
• The extended bearish trend formed at late April’s swing hi $0.46546 remained intact, NEM’s XEM continuing to fall well short of the 23.6% FIB Retracement Level of $0.1695.

How to Buy NEM’s XEM

NEM’s XEM Price Resistance

NEM’s XEM gained 3.1% on Monday, following on from Sunday’s 3.4% rally, to end the day at $0.11033.

Tracking the broader market through the early hours, NEM’s XEM pulled back from a start of a day $0.10801 to a mid-morning intraday low $0.10506 before support kicked in from the broader market, the morning low holding well above the first major support level at $0.1032.

A late morning rally saw NEM’s XEM break through the first major resistance level at $0.1105 to a mid-day intraday high $0.11168 before easing back through the afternoon to sub-$0.11 levels, with resistance at $0.11 proving too strong for NEM’s XEM, a late in the day move back through to $0.11 levels failing to break out from the first major resistance level at $0.1105, while NEM’s XEM managed to hold on to $0.11 levels by the day’s end.

In spite of a 2^nd consecutive day of gains, the extended bearish trend remained intact, with NEM’s XEM continuing to fall short of the 23.6% FIB Retracement Level of $0.1695. While the bearish trend was reaffirmed, upward momentum since mid-September is evident, raising the prospects of a near-term bullish trend being formed should the news wires remain crypto friendly.

At the time of writing, NEM’s XEM was down 0.47% to $0.10979, with NEM’s XEM easing back from a start of a day high $0.11065 to sub-$0.11 levels in the early hours.

For the day ahead, holding above $0.1090 through the morning would support a run back through to $0.11 levels to bring the day’s first major resistance level at $0.113 into play, while NEM’s XEM may struggle to take a run at the second major resistance level at $0.1156 barring particularly positive news hitting the wires, $0.11 proving to be a key resistance level for NEM’s XEM in recent days.

Failure to hold on to $0.1090 levels through the morning could see NEM’s XEM slide through to test the day’s first major support level at $0.1064, with sentiment across the broader market and the news wires to decide direction later in the day, any broad based market sell-off likely to see NEM’s XEM test the day’s second major support level at $0.1024 before any recovery.

Looking at the Technical Indicators

Major Support Level: $0.1064

Major Resistance Level: $0.1130

Fib 23.6% Retracement Level: $0.1695

Fib 38% Retracement Level: $0.226

Fib 62% Retracement Level: $0.3174