NEM Breaking Below The Range

NEM has been ranging between $0.25 resistance and $0.20 support for over a month, but today it finally broke below the support and things don’t look so good for XEM/USD.

This breakout could be the signal of the NEM weakness in a short as well as a long term. It could go lower to the previously established low on 14th of September, towards $0.158. However, the very strong support is located at 161.8% Fibonacci retracement level which represents $1 psychological round number. It seems very likely that NEM will go as low as that.

Only a break above $0.27 could change the direction of XEM/USD at this point, but this scenario has very low probability at this point.



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