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NEM’s XEM Technical Analysis – Support Levels in Play – 05/07/19

Bob Mason

Key Highlights

  • NEM’s XEM tumbled by 15.7% on Sunday. Following on from a 5.85% slide on Saturday, NEM’s XEM ended the day at $0.06217.

  • An early morning intraday high $0.074212 saw NEM’s XEM fall short of the first major resistance level at $0.0783.

  • A late intraday low $0.06115 saw NEM’s XEM fall through the first major support level at $0.0694 and second 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 Resistance

NEM’s XEM tumbled by 15.71% on Sunday. Following on from a 5.85% fall on Saturday, NEM’s XEM ended the day at $0.06217.

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A particularly bearish weekend left NEM’s XEM down by 31.35% for the week ending 14th July.

On the day, a bearish morning saw NEM’s XEM slide from an early intraday high $0.074212 to a mid-afternoon low $0.061375.

Steering clear of the major resistance levels, NEM’s XEM fell through the first major support level at $0.0694 and second major support level at $0.0655.

A move back through to $0.065 levels late in the day was short-lived, with NEM’s XEM sliding back to a late intraday low $0.06115.

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 0.95% to $0.06158. A bearish start to the day saw NEM’s XEM fall from a morning high $0.063275 to a low $0.058046.

NEM’s XEM came within range of the first major support level at $0.0575 before moving back through to $0.060 levels.

For the day ahead

A move through the morning high $0.063275 to $0.0658 levels would support a run at $0.070 levels later in the day.

NEM’s XEM would need the support of the broader market, however, to break out from $0.064 levels on the day.

In the event of a broad-based crypto rebound, NEM’s XEM could take a run at $0.072 levels before any pullback.

Failure to move through to $0.0658 levels could see NEM’s XEM struggle on the day. A fall back through to sub-$0.060 levels would bring the first major support level at $0.0575 into play.

Barring another crypto meltdown, NEM’s XEM should steer clear of the second major support level at $0.0528.

Looking at the Technical Indicators

Major Support Level: $0.0575

Major Resistance Level: $0.0705

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

This article was originally posted on FX Empire

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