NEM’s XEM Technical Analysis – Eyeing Resistance Levels – 05/09/18

Published: Sep 5, 2018, 04:56 UTC•2min read

NEM’s XEM joins DASH as the biggest early movers, though downward pressure may build should the rest of the pack fail to catch up.

Key Highlights

NEM’s XEM rallied 6.28% on Tuesday, following a 2.16% rise on Monday, to end the day at $0.12235.
A start of a day intraday low $0.11368 saw NEM’s XEM steer clear of the day’s first major support level at $0.1117.
A late morning rally saw NEM’s XEM break through the day’s major resistance levels to an intraday high $0.13116.
Pulling back to an afternoon low $0.1187, NEM’s XEM held well above the day’s first major support level at $0.1117, recovering to $0.12 levels by the day’s end.

How to Buy NEM’s XEM

NEM’s XEM Price Resistance

NEM’s XEM rallied by 6.28% on Tuesday, following on from Monday’s 2.16% rise, to end the day at $0.12235.

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A start of a day pullback to an intraday low $0.11368 steered clear of the day’s first major support level at $0.1117, with a broad based cryptomarket rally seeing NEM’s XEM break through the day’s major resistance levels to a mid-day intraday high $0.13116. A reversal through the afternoon saw NEM’s XEM ease back through the third major resistance level at $0.1268 and second major resistance level at $0.1206 to an afternoon low $0.11873, holding above the day’s first major resistance level at $0.1179.

Recovering late in the day NEM’s XEM broke back through the second major resistance level at $0.1206 to end the day at $0.12235.

In spite of the gains through the early part of the week, NEM’s XEM failed to take a run at the 23.6% FIB Retracement Level of $0.1832 to leave intact the extended bearish trend formed at late April’s swing hi $0.46547, the crypto bulls needing a break out from the 23.6% FIB Retracement Level of $0.1832 to $0.23 levels to begin forming a bearish trend reversal.

At the time of writing, NEM’s XEM was up 1.1% to $0.1229, with NEM’s XEM moving from a start of a day morning low $0.12095 to a morning high $0.12644 before easing back, the moves through the early morning leaving the day’s major support and resistance levels untested.

For the day ahead, holding above $0.1224 would support a move through the early morning high $0.12644 to bring $0.13 levels and the day’s first major resistance level at $0.1311 into play, though for NEM’s XEM to move back through Tuesday’s $0.13116 high, sentiment across the broader market will need to improve, with Bitcoin likely to be the barometer for NEM’s XEM through the day.

Failure to hold above $0.1224 through the morning could see NEM’s XEM pullback through the morning low $0.12095 to bring $0.11 levels and the day’s first major support level at $0.1136 into play before any recovery, NEM’s XEM unlikely to test sub-$0.11 support levels barring materially negative news hitting the wires.