NEM’s XEM Technical Analysis – Looking for a Rebound – 13/02/19
Key Highlights
- NEM’s XEM fell by 0.80% on Tuesday. Following on from a 3.97% slide on Monday, NEM’s XEM ended the day at $0.03864.
- A mid-morning intraday low $0.03801 saw NEM’s XEM call on support at the first major support level at $0.0382.
- A late afternoon intraday high $0.03929 came up short of the first major resistance level at $0.0404 before hitting reverse.
- The extended bearish trend formed at late April’s swing hi $0.46547 remained intact. NEM’s XEM continues to fall well short of the 23.6% FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.
NEM’s XEM Price Support
NEM’s XEM fell by 0.80% on Tuesday. Following on from a 3.97% slide on Monday, NEM’s XEM ended the day at $0.03864.
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A bearish start to the day saw NEM’s XEM fall from a start of a day $0.03895 to a mid-morning intraday low $0.03801. Calling on support at the first major support level at $0.0382, NEM’s XEM rallied through to a late afternoon intraday high $0.03929 before easing back to $0.038 levels.
The afternoon high saw NEM’s XEM come up short of the first major resistance level at $0.0404, with the late pullback dragging NEM’s XEM back into the red before the day’s end.
The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact in spite of last week’s 4.8% gain. NEM’s XEM continues 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 1.88% to $0.03937. NEM’s XEM rose from a start of a day morning low $0.03858 to a morning high $0.03959 before easing back.
The early morning rally saw NEM’s XEM break through the first major resistance level at $0.0393, whilst steering clear of the first major support level at $0.0380.
For the day ahead
A hold onto $0.039 levels through the morning would support a run at the second major resistance level at $0.0399 to bring $0.040 levels into play before any pullback.
Following 3 consecutive days in the red, the broader market’s bullish start to the day would need to continue into the afternoon for NEM’s XEM attempt a run at the third major resistance level at $0.0412 later in the day.
Failure to hold onto $0.039 levels could see NEM’s XEM pullback through the morning low $0.03858 to bring the first major support level at $0.0380 into play before any recovery. Barring a broad-based crypto reversal later in the day, we would expect NEM’s XEM to steer clear of the second major support level at $0.0374.
Looking at the Technical Indicators
Major Support Level: $0.0380
Major Resistance Level: $0.0393
Fib 23.6% Retracement Level: $0.1359
Fib 38% Retracement Level: $0.1988
Fib 62% Retracement Level: $0.3007