NEM’s XEM Technical Analysis – Support Levels in Play – 11/06/19

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.
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Key Highlights

  • 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 start of a day intraday low $0.079486 saw NEM’s XEM hold above the first major support level at $0.07780.
  • A mid-day intraday high $0.085632 saw NEM’s XEM break through the first major resistance level at $0.0848.
  • The extended bearish trend formed at late April’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 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.

For the day ahead

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.

Looking at the Technical Indicators

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

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