NEM’s XEM Technical Analysis – Resistance Levels in Play – 24/05/19

Bob Mason

Key Highlights

  • NEM’s XEM rose by 3.01% on Thursday. Partially reversing an 8.94% slide from Wednesday, NEM’s XEM ended the day at $0.081081.
  • A late morning intraday low $0.07295 saw NEM’s XEM fall through the first major support level at $0.0748.
  • A late intraday high $0.08236 saw NEM’s XEM fall short of the first major resistance level at $0.08460.
  • The extended bearish trend formed at late April’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 gained 3.01% on Thursday. Partially reversing an 8.94% slide from Wednesday, NEM’s XEM ended the day at $0.081081.

A bearish start to the day saw NEM’s XEM fall to a late morning intraday low $0.07295. The reversal saw NEM’s XEM fall through the first major support level at $0.0748 before bouncing back.

NEM’s XEM recovered to $0.080 levels in the early afternoon before easing back to $0.077 levels. Holding above the major support levels, NEM’s XEM found support from the broader market to strike a late intraday high $0.08236.

In spite of the rebound, NEM’s XEM fell short of the first major resistance level at $0.0856.

For the current week, it was the first day in the green out of four, leaving NEM’s XEM down 13.9% Monday through Thursday.

The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact. Following 9 weeks in the green, NEM’s XEM saw 4 weeks in the red out of the last 6. The reversal 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.

NEM’s XEM had managed to test selling pressure at the 23.6% FIB with a current year high $0.13664 struck on 16th May before sliding back to sub-$0.10 levels.

At the time of writing, NEM’s XEM was up by 3.53% to $0.083942. A particularly bullish start to the day saw NEM’s XEM rise from a morning low $0.08057 to a high $0.08693 before easing back.

The early rally saw NEM’s XEM break through the first major resistance level at $0.0846, whilst steering clear of the major support levels.

For the day ahead

A move back through the first major resistance level at $0.0846 would bring the second major resistance level at $0.0882 into play.

NEM’s XEM would need support from the broader market, however, to break out from the first major resistance level.

In the event of a broad-based crypto rally, NEM’s XEM could visit $0.090 levels before any pullback.

Failure to move back through the first major resistance level at $0.0846 could see NEM’s XEM hit reverse later in the day.

A pullback through to $0.0810 levels would bring $0.0790 levels into play before any recovery.

Barring a broad-based crypto sell-off, NEM’s XEM would likely steer clear of the first major support level at $0.0752.

A fall through to $0.0785 would be needed to bring the first major support level into play.

Looking at the Technical Indicators

Major Support Level: $0.0752

Major Resistance Level: $0.0846

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

More From FXEMPIRE: