NEM's XEM joins the rest of the majors in the red. A hold above $0.0835 levels through the morning could signal an afternoon recovery.
NEM’s XEM rose by 3.78% on Monday. Partially reversing a 5.55% slide from Sunday, NEM’s XEM ended the day at $0.08476.
A bullish start to the day, NEM’s XEM rallied from an early intraday low $0.079486 to $0.084 levels by mid-morning before easing back.
Holding onto $0.080 levels and steering clear of the first major support level at $0.0778, NEM’s XEM rallied to a mid-day intraday high $0.085632.
The late morning rally saw NEM’s XEM break through the first major resistance level at $0.0848.
A pullback through the afternoon saw NEM’s XEM fall to an afternoon low $0.08307 before finding late support to test the first major resistance level for a 2nd time.
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 saw 6 weeks in the red out of the last 9. 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-$0.09 levels.
At the time of writing, NEM’s XEM was down by 0.83% to $0.08406. A bullish start to the day saw NEM’s XEM rise to a morning high $0.08709 before hitting reverse.
NEM’s XEM came up against the first major resistance level at $0.0871 before falling to a morning low $0.08344.
In spite of the pullback, NEM’s XEM left the major support levels untested early on.
A hold above $0.08350 levels through the morning would support a recovery later in the day. NEM’s XEM would need to move through to $0.0850 levels to take another run at the first major resistance level.
Barring a broad-based crypto rebound, the first major resistance level would likely cap any upside on the day.
Failure to hold above $0.0835 levels could see NEM’s XEM take a bigger hit on the day. A slide back through the morning low $0.08344 would bring the first major support level at $0.0810 into play.
Barring an extended crypto sell-off, however, NEM’s XEM would likely steer clear of the second major support level at $0.0771.
Major Support Level: $0.0810
Major Resistance Level: $0.0871
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
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.