NEM’s XEM Technical Analysis – Eyeing Resistance Levels Early – 21/02/19 – FX Empire

Key Highlights

  • NEM’s XEM fell by 0.47% on Wednesday. Partially reversing a 3% gain from Tuesday, NEM’s XEM ended the day at $0.04432.
  • A start of a day intraday high $0.04546 came up short of the first major resistance level at $0.0460 before hitting reverse.
  • An early morning low $0.042919 saw NEM’s XEM come within range of the first major support level at $0.04270.
  • 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 Support

NEM’s XEM fell by 0.47% on Wednesday. Partially reversing a 3% gain from Tuesday, NEM’s XEM ended the day at $0.04432.

A particularly bearish start to the day saw NEM’s XEM slide from an intraday high $0.04546 to an early morning intraday low $0.42919 before finding support.

The start of the day slide saw NEM’s XEM come within range of the first major support level at $0.0427, whilst falling short of the first major resistance level at $0.0460.

Finding support from the broader market, NEM’s XEM recovered to a late in the day $0.04473 before falling back into the red by the day’s end. NEM’s XEM was amongst just a few of the top 20 cryptos to see red on the day.

The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact in spite of 2 consecutive weeks in the green. 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.

At the time of writing, NEM’s XEM was up by 0.07% to $0.04435. Early moves saw NEM’s XEM fall from a start of a day morning high $0.0447 to an early morning low $0.04416 before finding support. The day’s major support and resistance levels were left untested early on.

For the day ahead

NEM’s XEM would need to hold above 0.04420 levels through the morning to support a move through to $0.045 levels to test the day’s first major resistance level at $0.0455 before any pullback. We would expect NEM’s XEM to pegged back from a breakout from $0.0455 levels on the day, with Wednesday’s high $0.04546 likely to limit the upside on the day.

Failure to hold above $0.04420 levels through the morning could see NEM’s XEM slide through to $0.0430 levels to bring the first major support level at $0.0430 into play before any recovery. In the event of an extended broad-based crypto sell-off through the day, NEM’s XEM could return to $0.042 levels before any recovery.

Looking at the Technical Indicators

Major Support Level: $0.0430

Major Resistance Level: $0.0455

23.6% FIB Retracement Level: $0.1359

38.2% FIB Retracement Level: $0.1988

62% FIB Retracement Level: $0.3007

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