NEM’s XEM fell by 2.52% on Tuesday, partially reversing Monday’s 20.41% Coincheck driven rally, to end the day at $0.10948.
A bullish start to the day saw NEM’s XEM continue on with Monday’s rally, with NEM’s XEM moving through to a mid-morning intraday high $0.12579, NEM’s XEM breaking through the first major resistance level at $0.1220, while falling short of $0.13 levels and the second major resistance level at $0.1316.
Resistance on the way through to $0.13 levels ultimately did the damage, as investors looked to take some froth off the top, leading to a late morning reversal that continued through to the day’s end.
NEM’s XEM fell back to the 2nd half of a day low $0.1085 before steadying, the reversal seeing NEM’s XEM hold above a start of a day intraday low $0.10743 that left the day’s first major support level untested.
In spite of Monday’s rally, the extended bearish trend remained firmly intact, with NEM’s XEM continuing to fall well short of the 23.6% FIB Retracement Level of $0.1695 and reaffirmed by Tuesday’s reversal.
At the time of writing, NEM’s XEM was down 0.68% to $0.10873, with a relatively choppy start to the day seeing NEM’s XEM fall to a morning low $0.10484 before moving through to a morning high $0.11348, the moves through the early part of the day leaving the day’s major support and resistance levels untested.
For the day ahead, a move back through $0.1142 would another run at $0.12 levels to bring the day’s first major resistance level at $0.1210 into play, with a shift in sentiment across the broader market through the mid-morning supporting an afternoon recovery, though NEM’s XEM will need to hold onto $0.11 levels to avoid another sell-off.
Failure to move back through $0.11 levels by the early afternoon could see NEM’s XEM pullback through the morning low $0.10484 to test the day’s first major support level at $0.1027, with sub-$0.10 support levels unlikely to be tested on the day, barring a material shift in support for Bitcoin SV ahead of tomorrow’s hard fork.
Investors will be mindful of disruption across the broader market should tomorrow’s hard fork go against the grain.