NEM’s XEM Technical Analysis – Price Support in Play – 28/01/19

Published: Jan 28, 2019, 03:08 UTC•3min read

It’s deep in the red for NEM’s XEM and should sentiment fail to improve, new swing lo levels and sub-$0.050 levels could be on the cards.

Key Highlights

NEM’s XEM slid by 3.77% on Sunday, following on from a 1.12% fall on Saturday, to end the week down by 4.94% at $0.05291.
An early morning intraday high $0.05551 saw NEM’s XEM come up short of the first major resistance level at $0.0568 before hitting reverse.
NEM’s XEM fell through the first major support level at $0.054 and second major support level at $0.053 to an intraday low and new swing lo $0.05191 before finding support.
The extended bearish trend formed at late April’s swing hi $0.46547 remained intact, with NEM’s XEM continuing to fall well short of the 23.6% FIB Retracement Level of $0.1509, following a Sunday’s new swing lo $0.05191.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM slid by 3.77% on Sunday, following on from a 1.12% fall on Saturday, to end the week down 4.94% to $0.05291.

Know where Markets is headed? Take advantage now with

Your capital is at risk

Tracking the broader market, NEM’s XEM recovered from an early morning dip to $0.054427 to strike an early morning intraday high $0.05551 before hitting reverse. The day’s high came up well short of the first major resistance level at $0.0568, with the start of the day dip testing sentiment early on.

Sliding through the morning and early afternoon, NEM’s XEM fell through the first major support level at $0.054 and second major support level at $0.053 to an intraday low and new swing lo $0.05191 before recovering to $0.053 levels and an afternoon high $0.05361.

Unable to break back through the first major support level, NEM’s XEM fell back through the second major support level to wrap up the day at sub-$0.053 levels for the first time since 29^th April 2017.

The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact following a 4^th weekly loss in the last 5, with NEM’s XEM continuing to fall well short of the 23.6 FIB Retracement Level of $0.1495 following Sunday’s new swing lo $0.05191.

At the time of writing, NEM’s XEM was down by 2.37% to $0.05166. A particularly bearish start to the day saw NEM’s XEM slide from a morning high $0.053 to a morning low and new swing lo $0.05143 before steadying. The sell-off saw NEM’s XEM call on support at the day’s first major support level at $0.0514.

For the day ahead, a move back through the morning high $0.0530 to $0.0535 levels would support a run at the first major resistance level at $0.0550 before any pullback. Barring a material shift in sentiment across the broader market, we would expect Sunday’s high $0.05551 to pin NEM’s XEM from more material gains on the day.

Failure to move back through the morning high could see NEM’s XEM pullback deeper into the red. A fall back through the morning low $0.05143 could see NEM’s XEM slide through to sub-0.05 levels to call on support at the second major support level at $0.0498 before any recovery.