NEM’s XEM Technical Analysis – Support in Play

NEM’s XEM Technical Analysis – Support in Play – 01/10/18

Bob Mason

Updated Sun, Sep 30, 2018, 9:34 PM

Key Highlights

NEM’s XEM rose by 0.51% on Sunday, following a 1.72% gain on Saturday, to end the week down 5.07% to $0.09714.
An early morning intraday low $0.09455 saw NEM’s XEM steer clear of the day’s first major support level at $0.0932.
Support from the broader market led NEM’s XEM through to a late in the day intraday high $0.09781, falling short of the first major resistance level at $0.0990.
The week’s losses reaffirmed the extended bearish trend formed at late April’s swing hi $0.46546, NEM’s XEM continuing to fall well short of the 23.6% FIB Retracement Level of $0.1695.

NEM’s XEM Price Support

NEM’s XEM gained 0.51% on Sunday, following a 1.72% rise on Saturday, to end the week down 5.07% to 0.09714. The week’s reversal contributed to a September 7.68% slide and a 40.61% tumble through the 3^rd quarter.

It was a particularly choppy end to the quarter, with NEM’s XEM falling back from a start of a day morning high $0.9731 to an early morning intraday low $0.09455, before support from the broader cryptomarket kicked in for NEM’s XEM to move through to a late morning high $0.09701. The moves through the 1^st half of the day left the major support and resistance levels untested.

NEM’s XEM managed to avoid of hitting a new low through the afternoon, with a number of pullbacks to $0.095 levels finding plenty of support, leading to a late in the day rally to an intraday high $0.09781, falling short of the day’s first major resistance level at $0.099 ahead of the day’s end.

At the time of writing, NEM’s XEM was down 0.24% to $0.96916, with NEM’s XEM moving from a start of a day morning low $0.9655 to a morning high $0.09777, before easing back, the day’s major support and resistance levels left untested, NEM’s XEM one of only a few of the majors in the red in the early hours.

For the day ahead, a move through the morning high $0.09777 would support a run at $0.098 levels to bring the day’s first major resistance level at $0.0985 into play, upward momentum from the broader market likely to lead to a reversal of the early losses should sentiment across the cryptomarket remain positive through the morning.

Failure to move back through the morning high $0.09777 could see NEM’s XEM take a bigger hit later in the day, with a pullback through the morning low $0.09655 likely to lead to a fall through to sub-$0.096 levels to bring the first major support level at $0.0952 into play before any recovery that would be dependent upon the news wires at the time of testing support levels.