NEM’s XEM Technical Analysis – Support Levels in Play – 24/07/19

NEM’s XEM sees heavy losses as the bears to claw their way back…
Bob Mason
Bitcoin coin on white keyboard

Key Highlights

  • NEM’s XEM fell by 6% on Tuesday. Following a flat Monday, NEM’s XEM ended the day at $0.06371.
  • An early morning intraday high $0.069593 saw NEM’s XEM test the first major resistance level at $0.06930
  • A late intraday low $0.063418 saw NEM’s XEM fall through the first major support level at $0.0655.
  • The extended bearish trend formed at late April 2018’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

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.

For the day ahead

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.

Looking at the Technical Indicators

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

Please let us know what you think in the comments below

Thanks, Bob

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