NEM’s XEM jumped by 20.41% on Monday, following a 0.55% decline on Sunday, to end the day at $0.11243.
A range bound start to the day saw NEM’s XEM ease back to a mid-morning intraday low $0.09203, calling on support at the day’s first major support level of $0.092 before a late morning rally kicked in, driven by news of NEM’s XEM being reinstated for trading on Coincheck.
The late morning rally saw NEM’s XEM break through the day’s major resistance levels to strike a late morning intraday high $0.1166 before easing back to a range bound afternoon, with sub-$0.11 support levels holding back NEM’s XEM from a more material reversal later in the day.
In spite of the day’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.
At the time of writing, NEM’s XEM was up 5.48% to $0.11859, with NEM’s XEM rallying from a start of a day dip to a morning low $0.10743 to a morning high $0.12066, the early move seeing NEM’s XEM come within range of the first major resistance level at $0.1220 before easing back.
For the day ahead, a move back through to $0.12 levels would support another run at the first major resistance level at $0.1220, with $0.13 levels and the second major resistance level at $0.1316 in play should momentum continue to side with NEM’s XEM, though we can expect some profit taking later in the day to see NEM’s XEM face plenty of resistance on any run at $0.13 levels.
Failure to move back through to $0.12 levels and hold through to the early afternoon could see NEM’s XEM hit reverse later in the day, with a fall through the morning low $0.10743 bringing sub-$0.10 levels and the day’s first major support level at $0.0974 into play, though sentiment will need to materially deteriorate for sub-$0.10 support levels to come into play.
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