NEM’s XEM Technical Analysis – Support Levels Back in Play – 17/10/18 $XEM

Key Highlights

  • NEM’s XEM fell by 0.7% on Tuesday, following Monday’s 6.47% rally, to end the day at $0.09861.
  • A mid-morning intraday high $0.1016 saw NEM’s XEM fall short of the first major resistance level a $0.1111 before easing back.
  • Range bound through the afternoon, a late afternoon intraday low $0.09737 steered well clear of the first major support level at $0.0898.
  • The extended bearish trend formed at late April’s swing hi $0.46546 remained intact, NEM’s XEM continuing to fall well short of the 23.6% FIB Retracement Level of $0.1695.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM fell by 0.7% on Tuesday, partially reversing Monday’s 6.47% rally, to end the day at $0.09861.

Tracking the broader market through the day, NEM’s XEM moved through to a mid-morning intraday high $0.1016 before easing back to $0.90 levels, the day’s high falling well short of the first major resistance level at $0.1111 and more significantly, the 23.6% FIB Retracement Level of $0.1695.

While relatively range bound through the day, NEM’s XEM pulled back to a late afternoon intraday low $0.09737 before recovering to $0.98 levels by the day’s end, the day’s low holding well above the first major support level at $0.0898.

While NEM’s XEM managed to hold on to Monday’s USDT influenced rally, the extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact, with NEM’s XEM failing to make any move on the 23.6% FIB Retracement Level of $0.1695 and of greater significance, the 38.2% FIB Retracement Level of $0.226, NEM’s XEM needing to hit $0.20 levels to begin forming a bearish trend reversal.

At the time of writing, NEM’s XEM was up 0.18% to $0.09844, in what’s been a relatively choppy start to the day, NEM’s XEM moving from a start of a day morning low $0.09784 to a morning high $0.09948 before hitting reverse, the moves through the early morning leaving the major support and resistance levels untested.

For the day ahead, a move back through the morning high $0.09948 would support another run at $0.10 levels to bring the day’s first major resistance level at $0.1010 into play, with any signs of a broad based market rally kicking likely to support a run at the second major resistance level at $0.1034 before any pullback.

Failure to move through to the morning high $0.09948 could see NEM’s XEM take a bigger hit later in the day, with a pullback through the morning low $0.09784 likely to see NEM’s XEM call on support at the day’s first major support level at $0.0968 before any recovery, sub-$0.096 support levels unlikely to be tested barring materially negative news hitting the crypto wires.

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Looking at the Technical Indicators

Major Support Level: $0.0968

Major Resistance Level: $0.1010

Fib 23.6% Retracement Level: $0.1695

Fib 38% Retracement Level: $0.226

Fib 62% Retracement Level: $0.3174