Attempts at a breakout were thwarted once again in the early hours, with the bears looking to seize back control...
NEM’s XEM fell by 1.83% on Sunday. Reversing a 1.24% gain from Saturday, NEM’s XEM ended the day at $0.06344.
The end of week pullback left NEM’s XEM with a 7.9% loss for the week.
A particularly bullish start to the day saw NEM’s XEM rally to an early morning intraday high $0.06719.
The early rally saw NEM’s XEM break through the first major resistance level at $0.0655 and second major resistance level at $0.0665.
Pressured by the broader market, NEM’s XEM tumbled to a late in the day intraday low $0.06238. The sell-off saw NEM’s XEM fall through the first major support level at $0.0635 and second major support level at $0.0625.
Support from the broader market led to a move back through the second major support level to $0.063 levels.
The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact. in spite of the 9 weeks in the green out of the last 11. 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.
At the time of writing, NEM’s XEM was down 0.68% to $0.063. A mixed start to the day saw NEM’s XEM rise to a morning high $0.06395 before pulling back. Steering clear of the first major resistance level at $0.0663, NEM’s XEM fell to a morning low $0.0630.
In spite of the pullback, NEM’s XEM managed to steer clear of the first major support level at $0.0615.
A move through to $0.06450 levels would support a bullish second half of the day. Support from the broader market would be needed, however, for NEM’s XEM to breakout from the first major resistance level at $0.0663.
Barring a broad-based crypto rebound, NEM’s XEM will likely come up short of the second major resistance level at $0.0691. Sunday’s high $0.06719 would likely pin back NEM’s XEM on the day.
Failure to move through to $0.06450 levels could see NEM’s XEM fall deeper into the red. A pullback through to $0.0620 levels would bring the first major support level at $0.0615 into play before any recovery.
Barring a crypto meltdown, NEM’s XEM will likely steer well clear of sub-$0.060 levels and the second major support level at $0.0595.
Major Support Level: $0.0615
Major Resistance Level: $0.0663
23.6% FIB Retracement Level: $0.1359
38.2% FIB Retracement Level: $0.1988
62% FIB Retracement Level: $0.3007
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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.