NEM's XEM sees heavy losses as the bears to claw their way back...
A bullish start to the day saw NEM’s XEM rise to an early morning intraday high $0.069593 before hitting reverse
NEM’s XEM broke through the first major resistance level at $0.0693 before sliding to an intraday low $0.063418.
The sell-off saw NEM’s XEM fall through the first major support level at $0.0655. The only good news on the day was that NEM’s XEM avoided a fall through the second major support level at $0.0633.
The extended bearish trend, formed at late April 2018’s swing hi $0.46547, remained firmly intact.
Following a brief visit to $0.133 levels in the week of 13th May, a pullback to sub-$0.07 levels 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.
At the time of writing, NEM’s XEM was down by 1.76% to $0.06259. A bearish start to the day saw NEM’s XEM fall from a morning high $0.064574 to a low $0.061767.
In spite of the choppy start to the day, NEM’s XEM steered clear of the major support and resistance levels early on.
A move through to $0.0650 levels would be needed to bring the first major resistance level at $0.0677 into play.
Barring a broad-based crypto rebound, however, NEM’s XEM would likely come up short of $0.065 levels on the day.
In the event of a crypto rally, NEM’s XEM could revisit Tuesday’s high $0.06959 before hitting reverse.
Failure to move through to $0.065 levels could lead to heavier losses on the day. A fall through the morning low $0.061767 would bring the first major support level at $0.0616 back into play.
Barring an extended sell-off through the day, NEM’s XEM should steer clear of sub-$0.60 levels on the day.
Major Support Level: $0.0616
Major Resistance Level: $0.0677
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.