NEM’s XEM Technical Analysis – Support Levels in Play – 22/04/19 – FX Empire

Key Highlights

  • NEM’s XEM fell by 1.83% on Sunday. Reversing a 1.24% gain from Saturday, NEM’s XEM ended the day at $0.06344.
  • An early morning intraday high $0.06719 saw NEM’s XEM break through the first major resistance level at $0.0655 and second major resistance level at $0.0665.
  • A late afternoon intraday low $0.06238 saw NEM’s XEM fall through the first major support level at $0.0635 and second major support level at $0.0625.
  • 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 1.83% on Sunday. Reversing a 1.24% gain from Saturday, NEM’s XEM ended the day at $0.06344.

The end of week pullback left NEM’s XEM with a 7.9% loss for the week.

A particularly bullish start to the day saw NEM’s XEM rally to an early morning intraday high $0.06719.

The early rally saw NEM’s XEM break through the first major resistance level at $0.0655 and second major resistance level at $0.0665.

Pressured by the broader market, NEM’s XEM tumbled to a late in the day intraday low $0.06238. The sell-off saw NEM’s XEM fall through the first major support level at $0.0635 and second major support level at $0.0625.

Support from the broader market led to a move back through the second major support level to $0.063 levels.

The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact.  in spite of the 9 weeks in the green out of the last 11. 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 down 0.68% to $0.063. A mixed start to the day saw NEM’s XEM rise to a morning high $0.06395 before pulling back. Steering clear of the first major resistance level at $0.0663, NEM’s XEM fell to a morning low $0.0630.

In spite of the pullback, NEM’s XEM managed to steer clear of the first major support level at $0.0615.

For the day ahead

A move through to $0.06450 levels would support a bullish second half of the day. Support from the broader market would be needed, however, for NEM’s XEM to breakout from the first major resistance level at $0.0663.

Barring a broad-based crypto rebound, NEM’s XEM will likely come up short of the second major resistance level at $0.0691. Sunday’s high $0.06719 would likely pin back NEM’s XEM on the day.

Failure to move through to $0.06450 levels could see NEM’s XEM fall deeper into the red. A pullback through to $0.0620 levels would bring the first major support level at $0.0615 into play before any recovery.

Barring a crypto meltdown, NEM’s XEM will likely steer well clear of sub-$0.060 levels and the second major support level at $0.0595.

Looking at the Technical Indicators

Major Support Level: $0.0615

Major Resistance Level: $0.0663

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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