NEM’s XEM Technical Analysis – Support Levels in Play – 19/03/19

Key Highlights

• NEM’s XEM fell by 1.63% on Monday. Reversing a 1.22% gain from Sunday, NEM’s XEM ended the day at $0.050514.
• An early morning intraday high $0.05215 saw NEM’s XEM come up against the first major resistance level at $0.0522 before hitting reverse.
• A late morning intraday low $0.04958 saw NEM’s XEM fall through the first major support level at $0.04990.
• 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 6^th February’s new swing lo $0.03405.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM fell by 1.63% on Monday. Reversing a 1.22% gain from Sunday, NEM’s XEM ended the day at $0.050514.

A bullish start to the day saw NEM’s XEM rally to an early morning intraday high $0.05215. The early move saw NEM’s XEM come up against the first major resistance level at $0.0522 before hitting reverse.

Pressured from the broader market, NEM’s XEM slid to a late morning intraday low $0.04958. The reversal saw NEM’s XEM fall through the first major support level at $0.0499 before steadying.

Sub-$0.050 support was called upon through the 2^nd half of the day to limit the day’s losses. NEM’s XEM managed to end the day back at $0.050 levels in spite of the reversal.

Monday’s losses came off the back of an 11.5% rally in the week ending 17^th March.

The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact in spite of 6 consecutive weeks in the green. NEM’s XEM continued to fall well short of the 23.6 FIB Retracement Level of $0.1359 following 6^th February’s new swing lo $0.03405.

At the time of writing, NEM’s XEM was down by 0.41% to $0.05031. A mixed start to the day saw NEM’s XEM rise to a morning high $0.05070 before hitting reverse. Falling short of the first major resistance level at $0.0519, NEM’s XEM fell to a morning low $0.05023. NEM’s XEM managed to hold above the first major support level at $0.0493 early on in the day.

For the day ahead

A hold onto $0.050 levels through the morning would support a recovery of the early losses. A move back through the morning high $0.0507 would bring the first major resistance level at $0.0519 into play. Support from the broader market would give NEM’s XEM a run at the second major resistance level at $0.0533. Barring a crypto rally, Monday’s high $0.05215 would likely pin NEM’s XEM back from $0.053 levels in the event of a recovery.

Failure to hold onto $0.050 levels could see NEM’s XEM slide through the first major support level at $0.0493 before any recovery. Barring a crypto sell-off, we would expect NEM’s XEM to steer clear of the second major support level at $0.0482.

Looking at the Technical Indicators

Major Support Level: $0.0493

Major Resistance Level: $0.0519

23.6% FIB Retracement Level: $0.1359

38.2% FIB Retracement Level: $0.1988

62% FIB Retracement Level: $0.3007