Key Highlights
- NEM’s XEM gained 4.9% on Monday, following a 0.91% rise on Sunday, to end the day at $0.10947.
- A late in the day intraday high saw NEM’s XEM break through the first major resistance level at $0.1055 and the second major resistance level at $0.1068 to test selling pressure at the third major resistance level at $0.1104 before easing back to sub-$0.11 levels by the day’s end.
- An early morning intraday low $0.103 steered clear of the first major support level at $0.1019, while the extended bearish trend remained intact, NEM’s XEM falling well short of the 23.6% FIB Retracement Level of $0.1832.
NEM’s XEM Price Support
NEM’s XEM gained 4.9% on Monday, following on from a trend bucking 0.91% rise on Sunday, to end the day at $0.10959.
A relatively range bound morning saw NEM’s XEM fall to an early morning intraday low $0.103, steering clear of the first major support level at $0.1019, to recover to $0.105 levels through the late morning and early afternoon before a broad based cryptomarket rally kicked in.
NEM’s XEM broke out from the first major resistance level at $0.1055, breaking through the second major resistance level at $0.1068 to test selling pressure at the day’s third major resistance level at $0.1104, with an intraday high $0.11087, before pulling back to sub-$0.11 levels by the end of the day.
In spite of the strong moves through the day to mark 5-consecutive days of gains, the extended bearish trend remained firmly intact, NEM’s XEM continuing to fall short of the 23.6% FIB Retracement Level of $0.1832 and $0.20 levels needed to begin forming a bearish trend reversal.
At the time of writing, NEM’s XEM was down 0.56% to $0.10898, with NEM’s XEM recovering from an early fall from a morning high $0.11071 to a morning low $0.10672, the early moves seeing NEM’s XEM steer clear of the day’s major support and resistance levels.
For the day ahead, holding above $0.1078 would support a run at the morning high $0.11071 to bring the day’s first major resistance level at $0.1126 into play, with any broad based market rally in the second half of the day likely to see NEM’s XEM take aim at the second major resistance level at $0.1157 before easing back.
Failure to hold above $0.1078 through the morning could see NEM’s XEM pull back through the morning low to bring the day’s first major support level at $0.1047 into play before any recovery, the day’s first major support level in play following 2 consecutive days of gains that could see investor look to lock in profits should key levels not be maintained through the morning.
Looking at the Technical Indicators
Major Support Level: $0.1047
Major Resistance Level: $0.1126
Fib 23.6% Retracement Level: $0.1832
Fib 38% Retracement Level: $0.2371
Fib 62% Retracement Level: $0.3243