NEM’s XEM Technical Analysis – Resistance Levels in Play – 11/03/19


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Key Highlights

  • NEM’s XEM fell by 2.03% on Sunday. Partially reversing an 11.17% rally from Saturday, NEM’s XEM ended the day at $0.04624.
  • A start of a day intraday high $0.04720 saw NEM’s XEM fall well short of the first major resistance level at $0.05220 before hitting reverse.
  • A late morning intraday low $0.04401 saw NEM’s XEM hold well above the first major support level at $0.0419.
  • 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 2.03% on Sunday. Partially reversing an 11.17% rally from Saturday, NEM’s XEM ended the day at $0.04624.

Bearish from the start of the day, NEM’s XEM fell from an intraday high $0.04720 to a late morning intraday low $0.044012.

The moves through the day saw NEM’s XEM come up short of the first major resistance level at $0.0522, whilst holding above the first major support level at $0.0419.

Finding support at $0.044 levels, NEM’s XEM recovered to $0.045 levels and a particularly range-bound 2ndhalf of the day.

For the week, NEM’s XEM gained 8.11%, with Saturday’s rally driving NEM’s XEM into the green.

The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact in spite of a 5thconsecutive week 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 0.19% to $0.04633. NEM’s XEM rose from a morning low $0.04597 to a high $0.04651 before easing back. The day’s major support and resistance levels were left untested early on in the day.

For the day ahead

A hold onto $0.046 levels through the morning would support another run at the first major resistance level at $0.0476. NEM’s XEM would need support from the broader market, however, for a breakout from $0.047 levels. Barring a crypto-rally, we would expect the first major resistance levels and Sunday’s high $0.0472 to leave NEM’s XEM short of $0.050 levels on the day.

Failure to hold onto $0.046 levels could see NEM’s XEM give up the early morning gains. A fall through the morning low $0.04597 would bring the first major support level at $0.0444 into play. Sentiment across the broader market would need to materially deteriorate for NEM’s XEM to visit sub-$0.044 levels.

We would expect the second major support level at $0.0426 to be left untested in the event of a reversal.

Looking at the Technical Indicators

Major Support Level: $0.0444

Major Resistance Level: $0.0476

23.6% FIB Retracement Level: $0.1359

38.2% FIB Retracement Level: $0.1988

62% FIB Retracement Level: $0.3007

Reference: https://www.fxempire.com/forecasts/article/nems-xem-technical-analysis-resistance-levels-in-play-11-03-19-560882