Crypto Market Daily Highlights – Ethereum (ETH) Leads the Way

Key Insights:

  • It is a mixed Sunday session for the crypto top ten, with Ethereum (ETH) leading the way.
  • Investor sentiment towards the Ethereum Merge delivered a breakout session.
  • With an hour to go, the total coin market cap was up $16 billion to end the day at $1,023 billion.

It is a mixed Sunday session for the crypto top ten. Bitcoin (BTC) revisited $23,000, with Ethereum (ETH) hitting a high of $1,664 before easing back.

The upcoming Fed monetary policy decision and concerns over the US economic outlook took a backseat, with investors refocusing on crypto-related news.

Going into the month’s final week, the Cardano (ADA) Vasil hard fork is imminent, with progress towards the Ethereum Merge also proving to be the key for the broader crypto market.

The Total Crypto Market Cap Jumps Despite Crypto Headwinds

A bearish start to the Sunday session saw the total crypto market cap fall to a low of $1,001 billion.

The crypto market avoiding sub-$1,000 billion, with a broad-based market rally driving the market cap to a day high of $1,041 billion before easing back.

Crypto market cap
Total Market Cap 250722 Daily Chart

The broad-based crypto rally will wrap up a bullish week, with the crypto total market cap currently up $91.5 billion.

Significantly, the total crypto market cap is up by $157 billion for July. Barring a Fed-fueled sell-off, the crypto market looks set to end a 3-month losing streak.

The Crypto Market Movers and Shakers from the Top Ten and Beyond

At the time of press, ETH was up 3.72% to lead the way, with SOL (+2.90%) close behind.

While BNB (+1.04%), BTC (+0.92%), and XRP (+0.15%) also found support, ADA (-0.39%) and DOGE (-0.40%) look set to buck the top ten trend.

From the CoinMarketCap top 100, it is also a mixed session.

Lido DAO (LDO) leads the way, going into the final hour, with an 8.32% gain.

Bitcoin Cash (BCH), Synthetix (SNX), and Fantom (FTM) are close behind.

However, succumbing to a late reversal, Axie Infinity (AXS) is leading the way down, with a 5.11% loss.

Kusama (KSM), ApeCoin (APE), and NEM (XEM) are also facing relatively heavy losses.

Total Crypto Liquidations Spikes in Final Hour Crypto Pullback

On Monday, 24-hour liquidations are up, though liquidation levels remain low relative to the mid-week spike.

This morning, 24-hour liquidations stood at $155 million, up from $127 million on Sunday. On Tuesday morning, liquidations had spiked at $691 million.

Liquidated traders have fallen sharply over the last 24 hours. At the time of writing, liquidated traders stood at 41,141 versus 61,924 on Sunday morning.

However, one-hour liquidations are up, reflecting the current market pullback from session highs.

Crypto liquidations
Total Crypto Liquidations 250722

According to Coinglass, one-hour liquidations stood at $34.39 million, up from $0.526 million on Sunday. Four-hour liquidations stood at $41.48 million, up from $9.33 million on Sunday. (See hourly market cap chart below).

Market cap - hourly
Total Market Cap 250722 Hourly Chart

Daily News Highlights

  • Updates from the SEC v Ripple case continue to prevent an XRP breakout.
  • Barclays plans to take a stake in crypto firm Copper.
  • Finland will deliver seized bitcoin with a value of close to €47 million to Ukraine.

Crypto Market Daily Highlights – BTC Set to Extend Losing Streak to Four

Key Insights:

  • It is a mixed session for the crypto top ten, with Cardano (ADA) making a move while others struggled.
  • Updates from developers on the Vasil hard fork delivered ADA support, while the broader market looked ahead to the Fed monetary policy decision on Wednesday.
  • With an hour to go, the total coin market cap was down $1.88 billion to end the day at $1,007 billion.

It is a mixed Saturday session for the crypto top ten. Bitcoin (BTC) revisited sub-$22,000, while Cardano (ADA) recovered from the Friday pullback.

Input Output-HK provided a weekly update on progress towards the end of the month Vasil hard fork, which delivered the ADA upside.

Following disappointing US economic indicators from Friday, the Fed monetary policy decision on Wednesday brings plenty of uncertainty.

Talks of a 75-basis point rate hike ahead of the Fed blackout period provided some cushion while concerns over the US economy linger.

Beyond the Vasil hard fork update, however, there were no crypto news stories to support a bullish start to the weekend.

The Total Crypto Market Cap Falls as the Focus Shifts to the Fed

A bullish start to the Saturday session saw the total crypto market cap rise to a high of $1,031 billion.

However, through the second half of the day, the crypto market cap slid to a low of $981 before support kicked in.

The reversal left the market cap down $1.88 billion for the day. Significantly, the market cap fell back to sub-$1,000 billion before the late recovery. While down for the day, the crypto market looks set to extend the weekly winning streak to three. The total market cap is currently up $76 billion for the week.

Crypto market cap
Total Market Cap 240722 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

At the time of press, ADA was up by 6.83%, with DOGE gaining 1.16%. ETH (+0.56%) and XRP (0.43%) found late support to end the day in positive territory.

However, BNB and SOL led the way down, with losses of 1.07% and 1.10%, respectively. BTC was down by a modest 0.89%.

From the CoinMarketCap top 100, some fared better than others.

With one hour to go, Axie Infinity (AXS) was up 11.8% to lead the broader market. ApeCoin (APE), NEM (XEM), and Decentraland (LAND) also found strong support.

However, NEO (NEO) led the way down, sliding by 6.57%, with Cosmos (ATOM) and Cronos (CRO) close behind.

Total Crypto Liquidations Slide as Cryptos Begin the Recovery

On Sunday, 24-hour liquidations fell, with liquidation levels returning to normal after a mid-week spike.

Crypto liquidations
Total Crypto Liquidations 240722

This morning, 24-hour liquidations stood at $127 million, down from $207 million on Saturday. On Tuesday morning, liquidations had spiked at $691 million.

Liquidated traders fell modestly over the last 24 hours. At the time of writing, liquidated traders stood at 61,924 versus 62,274 on Saturday morning.

One-hour liquidations saw a sharp decline, coinciding with the crypto market recovery from Saturday’s lows.

According to Coinglass, one-hour liquidations stood at $0.526 million, down from $3.74 million on Saturday. Four-hour liquidations stood at $9.33 million, down from $51.48 million on Saturday. (See hourly crypto market cap chart below).

Crypto recovery
Total Market Cap 240722 Hourly Chart

Daily News Highlights

  • Caduceus announced a partnership with cricketing legend Lord Ian Botham to take cricket to the metaverse.
  • Spanish footballing giant, Barcelona FC, launched an NFT live auction at New York Sotheby’s that ends on July 29.
  • Bloomberg reported FTX entering into talks to acquire Bithumb, a South Korean crypto exchange.
  • Activity in the ongoing SEC v Ripple case peaked ahead of the weekend, with William Hinman still the area of focus.

Crypto Market Daily Highlights – ETH Bucks Trend in Bullish Session

Key Insights:

  • On Tuesday, the crypto top ten were on the move again, with Cardano (ADA) taking over as the front runner.
  • A choppy start to the session saw the crypto market hit reverse before recovering, with the NASDAQ 100 delivering a US session boost.
  • The total crypto market cap followed Monday’s $82.59 billion jump with a $46 billion increase to cement the return to $1 trillion.

It was a bullish Tuesday session for the crypto top ten. Bitcoin (BTC) hit $23,000, briefly eyeing $24,000, with Cardano (ADA) enjoying a breakout session.

Recovering from a bearish start to the Tuesday session, risk-on sentiment from the global equity markets delivered much-needed support.

The European and US equity markets were in rally mode, delivering the crypto boost.

On Tuesday, the NASDAQ 100 rallied by 3.11%, with the futures pointing to more gains in the day ahead.

At the time of writing, the NASDAQ 100 Mini was up 32 points.

Crypto - NASDAQ
Total Market Cap – NASDAQ – 200722 5 Min Chart

While the European and US equity markets provided support, investor sentiment towards the Ethereum Merge and the Cardano (ADA) Vasil hard fork remained the key drivers.

Following several delays, the Vasil hard fork and the Merge look set for July and September, shifting the mood across the crypto market.

The Total Crypto Market Cap Continued the Gradual Climb to $2 Trillion

A choppy Tuesday session saw the total crypto market cap fall to a low of $981 billion before rising to a high of $1,050 billion.

Finding initial support from the European and US equity markets, Ethereum Merge euphoria continued to drive the market northwards in the post-US market close session.

On Tuesday, the total crypto market cap followed Monday’s $82.59 billion surge with a $46 billion increase to wrap up the day at $1 trillion for a second consecutive day.

Notable moves across the crypto top ten were a bitcoin return to $23,000 and an Ethereum look at $1,700. Despite the Merge euphoria, ETH ended the day in the red.

Crypto market cap
Total Market Cap 200722 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

ADA rallied by 5.31% to lead the top ten, with BTC (+4.25%) and SOL (+3.07%) finding strong support.

While BNB (+1.70%), DOGE (+2.10%), and XRP (+2.14%) avoided the red, ETH (-2.45%) succumbed to late profit taking to end the day in the red.

From the CoinMarketCap top 100, Nexo (NEXO) led the way, surging by 21.88%. Fantom (FTM) and NEM (XEM) were close behind, with gains of 14.97% and 15.53%, respectively.

However, Arweave (AR) struggled, with a 6.12% loss. UNUS SED LEO (LEO), STEPN (GMT), TerraClassicUSD (USTC), and Polygon (MATIC) also saw red.

Total Crypto Liquidations Fall to Reflect Improved Market Conditions

On Wednesday, 24-hour liquidations eased, pointing to more favorable market conditions. Despite the fall in liquidations, 24-hour liquidations remained elevated relative to more recent levels.

This morning, 24-hour liquidations stood at $582 million, down from $691 million on Tuesday.

Liquidated traders also eased over the last 24 hours, suggesting improving market conditions. At the time of writing, liquidated traders stood at 104,735 versus 128,281 on Tuesday morning.

While 24-hour liquidation levels stood on the higher side, one-hour and four-hour liquidations saw a sharp decline relative to Tuesday morning levels.

According to Coinglass, one-hour liquidations stood at $2.84 million, down from $161.66 million on Tuesday. Four-hour liquidations stood at $45.66 million.

Crypto liquidations
Total Crypto Liquidations 200722

Daily News Highlights

  • Beleaguered crypto platform Celsius received court approval to spend $3.7 million on a new bitcoin mining facility and $1.5 million on customs and excise duties on rigs.
  • Stablecoin issuer Circle talked about crypto regulations.
  • FBI issued a warning over bogus crypto apps.
  • Crypto.com and Trade Republic announced regulatory approvals in Italy.

Bitcoin and ETH Price Prediction: Bulls In Control, MATIC Could Rally To $1.30

Key Insights:

  • Bitcoin is eyeing a fresh move towards the $23,000 level.
  • Ether (ETH) is consolidating above the $1,500  support level.
  • MATIC surged over 50% heading towards $1.30.

Bitcoin

Bitcoin has managed to remain above a support trendline for the past few days leading to a rally past the $22,000 resistance level, all the way to $22,750.

BTC is now consolidating above the 21-day simple moving average (H1) indicating bullish price action in the short term.

So far, the bears have defended the $22,750 zone, but the general sentiment in the market seems to be shifting towards a more positive outlook.

This recent price action follows a brief dip back to the support line which was quickly bought up by the bulls.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

If the price of bitcoin stays above $21,550, it could see further rallies all the way up past $23,000 and higher . The first major resistance is near the $25,750 level, above which the price could start targeting the $30,000 psychological zone.

Ethereum (ETH)

ETH has confidently pushed past the resistance at $1,440 and is now consolidating above the $1,500 level. The 21-day simple moving average (H1) has so far provided support indicating further rallies may be coming.

This recent price action follows a brief breakout above $1,600 which was quickly pushed back down by the bears. ETH may range at this level for a few days before it can attempt to move higher again.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

If there are wider corrections in the market, ETH has support near $1,400 and $1,230.

This is where Ethereum has previously found support and the $1,400 is particularly important since it marked the top for ETH in the 2017-18 cycle.

If ETH is able to flip the previous resistance into a solid support level, then bears may have a hard time keeping prices low.

Polygon (MATIC)

Following widespread sell-offs in the crypto markets, MATIC has managed to bounce more than 100% from its lows in June.

MATIC has seen continued growth over the past few days, confidently pushing past the resistance at $0.65 and heading towards the $1.00 mark.

MATIC Daily Chart
MATIC Daily Chart by FXEmpire

The price has now shot past the $0.75 level and the 21-day simple moving average which has provided support on several occasions. Notably, MATIC has also crossed the 38.2% Fib retracement level indicating further bullish momentum.

However, the $1.00 mark will likely act as the next major resistance level as it serves as a psychological barrier and a key zone to look out for according to the Fib retracement tool.

A breach of this level and a few days of consolidation will indicate that the bulls are in control with a higher target of $1.30 in the medium term.

A failure to breakout may push prices back down to the $0.85 level before another attempt can be made.

ADA, BNB, and DOT Price Analysis

Cardano (ADA) is struggling to gain pace above the $0.512 level. If the bulls succeed, the price could rise toward $0.55.

Binance Coin (BNB) is showing positive signs above the $260 level. A clear move above the $268 level may see it targeting $280 next.

Polkadot (DOT) is heading towards the resistance at $8.00. A confident move above this level may see a bigger move towards the $10.00 zone.

A few trending altcoins are XEM, FTM, and ETC. Out of these, ETC is gaining pace above the $25 resistance zone and may rise to $30 if current market conditions continue. Also, XEM rallied over 10% and broke the $0.045 barrier.

Crypto Market Daily Highlights – Solana and The Sandbox Lead the Way

Key Insights:

  • It was a bullish start to the week for the crypto top ten, with Solana (SOL) and Ethereum (ETH) leading the way.
  • Following the 3AC bankruptcy filing, news of more platforms freezing withdrawals failed to spook investors.
  • The total crypto market cap rose by $37 billion to reverse losses from the start of the month.

It was a bullish Monday session for the crypto market. Bitcoin (BTC) rose for a second consecutive day, its best run since a three-day winning streak in late June.

Solana (SOL) led the top ten, with BNB and ETH also finding strong support.

While trailing the front runners, Dogecoin extended its winning streak to four consecutive sessions.

At the time of writing, the NASDAQ 100 Mini was up 82 points, with a pickup in risk appetite likely to support the crypto market.

The Total Crypto Market Cap Rises for a Third Session

The bullish session saw the total crypto market cap inch back towards the $900 billion mark on Monday.

A bearish start to the day saw the market cap fall to a low of $837.4 billion before jumping to a high of $893.9 billion.

By day end, the market cap increased by $37.23 billion to $888 billion.

crypto market cap
Total Market Cap 050722 Daily Chart

Significantly, the Monday gain pulled the total market cap into positive territory for July.

However, it is also worth considering that the market has not enjoyed more than a three-day winning streak since March,

The Crypto Market Movers and Shakers from the Top Ten and Beyond

SOL rallied by 9.99% to lead the way, with ETH (+7.19%) and BNB (+5.57%) finding strong support.

ADA (+3.08%), BTC (+3.66%), DOGE (+3.23%), and XRP (+2.36%) also continued finding support.

From the CoinMarketCap top 100, The Sandbox (SAND) jumped by 15.1%, with Convex Finance (CVX) and THORChain (RUNE) rallying by 14.1% and by 10.4%, respectively.

However, NEM (XEM) fell by 2.7% to lead the way down. XEM joined a handful of cryptos to buck the broader market trend

Total Crypto Liquidations to Test the Current Market Upswing

24-hour liquidations picked up going into Tuesday, which could test investor resilience after the US holidays.

This morning, 24-hour liquidations stood at $147 million, up from $80.74 million on Monday and $58.2 million on Sunday.

Liquidated traders over the last 24 hours increased. At the time of writing, liquidated traders stood at 41,573 versus 25,320 on Monday morning.

One-hour liquidation figures also suggested a possible crypto market pullback at the turn of the day.

According to Coinglass, one-hour liquidations stood at $12.79 million versus $0.920 million on Monday.

Crypto liquidations
Total Crypto Liquidations 050722

Daily News Highlights

  • DappRadar and LayerZero launched the first cross-chain token staking mechanism.
  • FTX and BlockFi agreed on a deal with an FTX option to buy BlockFi for $240 million.
  • Meta shelved crypto wallet project Novi.
  • Hacker offered to sell over 23 terabytes (TB) of personal data for 10 BTC, highlighting the use of crypto for criminal activity.
  • Bankless Times revealed US romance scams as the second most common crypto scam.
  • Another crypto lender succumbs to the crypto winter. Vauld suspended withdrawals, trading, and deposits due to market conditions.

Crypto Market Daily Highlights – BTC Ends Seven Day Losing Streak

Key Insights:

  • It was a bullish end to the week for the crypto to ten, with XRP finding much-needed support to lead the way.
  • Following the 3AC bankruptcy filing, news of more platforms laying off staff failed to spook investors.
  • The total crypto market cap rose for the second time in eight sessions. A $2.58 billion increase left the market cap down by $70 billion for the week.

It was a bullish Sunday for the crypto market. Bitcoin (BTC) ended its seven-day losing streak. While XRP  found strong support, gains across the rest of the top ten were modest.

The fallout from the crypto winter continued to hit the market, with news of exchanges reducing headcounts a reminder of market conditions.

However, crypto market headwinds remained the primary drag, with inflation, Fed monetary policy, and the threat of a US recession testing investor appetite.

With the US markets closed today, the NASDAQ 100 Mini will need considering, with the crypto market continuing to track the US market.

Crypto - NASDAQ correlation
Total Market Cap – NASDAQ – 040722 Daily Chart

At the time of writing, the NASDAQ 100 Mini was down 53.5 points.

The Total Crypto Market Cap Rises for a Second Session

A bearish morning saw the total crypto market cap fall to a low of $832.5 billion before rising to a high of $859.0 billion.

Following a modest $2.28 billion rise, the total crypto market cap increased by a further $2.58 billion to $851.1 billion on Sunday. The modest uptrend over the weekend left the market cap down $15 billion for July.

Crypto market cap
Total Market Cap 040722 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

XRP led the way, rising by 1.93%, with DOGE gaining 0.84%.

Gains elsewhere were modest, however. BTC joined the broader market in positive territory, rising by 0.35%, with BNB (+0.46%), ETH (+0.68%), and, SOL (+0.12%) also avoiding the red.

ADA ended the day flat

From the CoinMarketCap top 100, NEM (XEM) bucked the broader market trend, sliding by 10.12%, with Polygon (MATIC) falling by 6.35%.

However, ThetaFuel (TFUEL) led the broader crypto market, rallying by 14.81%, with Arweave (AR) up 12.16%.

Total Crypto Liquidations Remain Crypto Market Positive

24-hour liquidations continued to reflect improving market conditions going into Monday.

This morning, 24-hour liquidations stood at $80.74 billion, up from $58.2 million on Sunday morning. While higher, staying below the $100 million mark was positive.

Liquidated traders over the last 24 hours also increased, albeit modestly. At the time of writing, liquidated traders stood at 25,320 versus 22,104 on Sunday morning.

However, one-hour liquidation figures reflected steady market conditions at the turn of the day.

According to Coinglass, one-hour liquidations stood at $0.920 million versus $1.07 million on Sunday and $2.44 million on Saturday.

Crypto liquidations steady
Total Crypto Liquidations 040722

Daily News Highlights

  • US Millenials favor cryptos over mutual funds.
  • Celsius Network laid off 150 employees.
  • Circle founder and CEO Jeremy Allaire attempted to ease concerns over stablecoin USD Coin (USDC) by sharing a string of circle.com blogs on Twitter.

Crypto Market Daily Highlights – BTC Extends Losing Streak to Seven

Key Insights:

  • It was a mixed Saturday session for the crypto to ten, with bitcoin (BTC) bucking the top ten trend.
  • News of 3AC filing for bankruptcy, Voyager Digital suspending withdrawals, and rumors pegged back the majors, however.
  • However, the total crypto market cap rose for the first time in seven sessions. A $2.28 billion increase took the market cap to $848.5 billion.

It was a mixed Saturday for the crypto market. Bitcoin (BTC) extended its losing streak to seven sessions with a modest 0.12% loss. Cardano (ADA), Ethereum (ETH), and Solana (SOL) rose for the first time in seven sessions.

The broader-based gains came despite the crypto market getting hit with news of Three Arrows Capital (3AC) filing for bankruptcy and Voyager digital suspending withdrawals.

Relative to the losses at the turn of the quarter, however, the gains were modest, with downside risks firmly in place.

Market headwinds include fears of a recession, sentiment towards monetary policy, and the evolving regulatory landscape, though the regulatory environment could improve for some jurisdictions.

In the US, the successful passage of the Lummis and Gillibrand bill could prove crypto-friendly, should lawmakers task the CFTC with regulating the digital asset space.

The Total Crypto Market Cap Sees End of Six Day Losing Streak

A bearish start to the day raised the prospect of a seventh consecutive session in the red before an afternoon recovery.

The total crypto market cap fell to a low of $832.5 billion before rising to a high of $858.1 billion.

Total crypto market cap.
Total Market Cap 030722 Daily Chart

Following a modest $2.28 billion rise, the total crypto market cap was down $17 billion for July.

The Crypto Market Movers and Shakers from the Top Ten and Beyond

BTC slipped by 0.12% to buck the top ten trend.

However, it was a relatively bullish day for the rest. ADA rose by 1.56% to lead the way, with SOL ending the day up 1.55%.

BNB (+0.65%) DOGE (+0.23%), ETH (+0.76%), and XRP (+0.60%) also avoided the red.

From the CoinMarketCap top 100, NEM (XEM) led the way, surging by 25.7%. Other notables included Synthetix (SNX), Tezos (XTZ), and Flow (FLOW).

SNX rallied by 16.8%, with XTZ and FLOW seeing gains of 5.4% and 5.6%, respectively.

However, AMP (AMP) and STEPN (GMT) were at the other end of the table, falling by 3.39% and 2.31%, respectively.

Total Crypto Liquidations Slide as Cryptos Find Support

24-hour liquidations continued to reflect improving market conditions going into Sunday.

This morning, 24-hour liquidations stood at $58.2 million, down from $107 million on Saturday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 22,104 versus 36,758 on Saturday morning.

However, one-hour liquidation figures reflected a late crypto pullback.

According to Coinglass, one-hour liquidations had fallen to sub-$0.300 million before moving back through the $1 million mark. However, standing at $1.07 million, conditions improved from one-hour liquidations of $2.44 million on Saturday.

Crypto liquidations ease.
Total Crypto Liquidations 030722

Daily News Highlights

  • Voyager Capital (VOYG) suspended deposits and withdrawals, citing the 3AC default.
  • The Columbian government launched the National Land Registry on the XRP Ledger (XRPL).
  • KuCoin (KCS) CEO Johnny Lyu denied rumors of KuCoin planning to freeze withdrawals.

Stocks, Oil and Forex Analysis: This Market Trades a New Narrative Everyday

Global Macro and Stock Market Fundamental Analysis

On the whole, this market trades a new narrative every other day (and sometimes goes through four economic cycles in one session); this sell-off could all revert just as quickly as it has rolled over. Still, it does not feel like investors are in a rush to buy the dip or defend any technical territory just yet.

As the two-day rollover has been vicious, I would keep an eye on miners, considering investors have been constructive on this group given commodity supercycle views. I would watch the S&P500 names – Nucor, FCX, NEM – which have been among the worst performers the last two sessions. And you certainly do not want to be the last one on the dance floor if the commodity supercycle music stops.

So, where does this leave markets?

Real yields should remain the dominant macro variable of 2022 from any pro’s concern- it is remarkable how low they stay. I would expect traders to gravitate around a concept that real yields have further to rise – either because inflation expectations come down as growth expectations slow or further central bank hawkishness. The environment thus remains exceptionally challenging for risk appetite as long-duration assets are bound to feel the pinch.

Oil Fundamental Analysis

Commodities finished the soft across the board, and oil closed down 168bp on Friday.

For oil, reports that Chinese oil demand has fallen by the most since the Wuhan lockdown of 2020 reversed any thoughts of a weekend rally.

Other reports also indicate that Russian oil has started to find new ways to reduce the risk of a global shortfall., which is also weighing on sentiment.

There’s evidence of old commodities tricks at play with an increase in the number of tankers leaving Russia for “destination unknown.” Indeed, this is a telltale sign the oil is being taken to larger ships at sea and unloaded and comingled with other cargo blurring the lines. The circular nature of much of the energy economy and how displaced Russian crude is sold to somewhere like India can free up other supplies for western economies.

Thoughts of a commodities supercycle gradually give way to recession fears that are compounded by a Fed that continues to ante up rate hike rhetoric.

Forex Markets Fundamental Analysis

US dollar

I look for the US dollar to remain firm through the higher US yields channel and turn king during periods when the market focuses on slow global growth and triggers weaker risk sentiment.

Euro

Macron has regained his lead in the French polls, and the market is now pricing a July ECB hike. But Fed repricing has been even more aggressive, leaving EURUSD tracking rate differentials and the dollar benefiting from a very hawkish Fed.

British Pound

Not all inflation is the same. UK inflation could be three times the BoE’s target, but cost-push rather than demand-pull pressures are driving it; the UK consumer is already struggling with the higher cost of living, indicating the demand side of the economy is already waving the red flags.

The BoE has been open and transparent that it will raise rates further, but the market overestimates just how far that tightening will go. The terminal rate in the US could easily be 3.5%. In the UK, it is unlikely to be more than 1.5%.

Japanese Yen

Tokyo demand for USDJPY took the pair from 128.20/30 up to a high near 128.70 before sellers returned. This was the fourth time last week that the pair has topped out in the 128.70 zone, and this level remains critical resistance in the short term.

Media reports that Japanese Finance Minister Suzuki and US Treasury Secretary Yellen did discuss joint intervention to support JPY. The tone on the US side was one of “positive consideration,” sending USDJPY down to the overnight lows near 127.74, but dip buyers were waiting.

Japanese March CPI data showed prices increasing at the fastest pace in more than two years; however, this move was driven by energy and validated BoJ Governor Kuroda’s thesis that this is cost-push inflation (not demand-pull). Consequently, it is unlikely the BoJ will change policy near-term (unless it explicitly wants JPY to strengthen). It is also unlikely that the MoF will intervene at these levels, especially with the BoJ reaffirming its adherence to YCC.

Chinese Yuan Offshore

It is hard to pick a top. But if the PBoC gets uncomfortable with the pace of the move, which might cause some participants to back off. Indeed, this could be a messy correction lower. We saw profit-taking when we neared 6.55.

But none of the factors you would lay out for this move higher in USDCNH are different than what the market was arguing for months, so, interestingly, everyone piled in on this move last week, and it has so far worked out.

For a look at all of today’s economic events, check out our economic calendar.

Gold’s Geo-Political Run Looks Done

Since then, however, especially given this past week’s unconscionable state of affairs, the last several editions of The Gold Update have emphasized Gold’s chronicled nature at the onset of geopolitical turmoil for a price to rise, only to then fall back from whence it came as events further unfold.

And as horrifically senseless as is Russia’s waging war on Ukraine – wherein lives are comprehensively more important than the price of any market — we are sensitive to Gold perhaps now repeating such historical pattern of “Price spike and fade”.

Russia attacking Ukraine and Gold 2014 Vs. 2022

The following graphic depicts two Gold price percentage change tracks across a 28-trading day period.

  • The blue line represents Gold eight years ago from 21 February 2014 at the onset of Russia moving into then Ukraine’s Crimean Peninsula; not six weeks later with the incursion irreversible, Gold regardless was lower come 01 April of that year;
  • The red line represents Gold this year since 31 January upon the first serious stirrings for Russia again invading Ukraine. Note the directional similarity of the red line-to-date with the blue line back during the 2014 offensive:

No one knows how ’twill all go, but specific to Gold, the two performance tracks’ similarity is stunning, and moreover is suggestive that Gold’s geopolitical run is done, the red line now keeling over nearly in sync with the blue line of eight years ago. On verra…

In no way making light of the matter, Saturday morning greetings from culturally war-torn San Francisco, “a magnificent city that is dying” –[M.R.L.]. And with time at a premium given our being “in motion” — combined with it being month-end (save for one trading day) — let’s get straightaway to our cavalcade of graphics, beginning with Gold’s weekly bars from this time a year ago-to-date.

The rightmost bar really emphasizes price’s spike upon Russia materially moving into Ukraine, propelling Gold to as high as 1977, a level not traded since 16 September 2020. And yet come yesterday’s (Friday’s) settle at 1890, Gold not only recorded a net loss for the week but in fact its fourth-worst weekly high-to-low blow (-5.0%) since Thanksgiving Week back in 2020:

As well from a year ago-to-date, here we’ve the percentage tracks of Gold along with those of its high-level equities. And ’tis quite a spread of performance with Franco-Nevada (FNV) +37%, Newmont (NEM) +25%, the VanEck Vectors Gold Miners exchange-traded fund (GDX) +10%, Gold itself +9%, Agnico Eagle Mines (AEM) -7%, the Global X Silver Miners exchange-traded fund (SIL) -16%, and Pan American Silver (PAAS) -29%. Clearly, the Silvers have underperformed Gold, the Gold/Silver on this date a year ago at 64.9x, but today (as depicted at the foot of the above graphic) at 77.7x.

Poor ole Sister Silver! Here are the tracks:

Collectively for the BEGOS Markets, next we’ve their year-to-date percentage changes, the podium dominated by Oil, along with (to a much lesser degree) the precious metals. The cellar-dweller is the S&P 500, its -8% slip seemingly mild given that from here (4385 and a “live” price/earnings ratio of 35.3x), should earnings not grow, price “ought” fall to 2778 (an additional -37%) just to revert the P/E to its historical mean (now 22.3x, in case you’re scoring at home). And rising interest rates as the economy stagnates means the stock market deflates:

Let’s too go-’round the horn as we do each month-end for the BEGOS Markets, the daily bars being for the past 21 trading days, with their respective grey diagonal regression trendlines and baby blue dots denoting the consistency of those trends, of which notably for Gold and Silver have been our friends, albeit not for the preferred reason:

That stated, over the years we’ve put forth that Gold “ought” rise in tandem with currency debasement, which it did magnificently through the first decade of this 21st Century. And obviously by the opening Gold Scoreboard, Gold is priced today at but one half its valuation. We do not relish Gold rising on geo-political events, the worst of which is war. However, repulsive as that is, we’re detecting (to use a modern-day wokey word) a renewed Gold “awareness”.

To be sure, repugnant as ’tis, “everybody says” that the Russian invasion of Ukraine has kept Gold’s price aloft. But “everybody says” also now that ’tis not just the war boosting Gold. Well, “everybody” may be a bit of an exaggeration, but: the buzz today is that Gold ought be higher anyway because of … (wait for it) … “inflation and all the money that’s been printed.

“Did “everybody” just figure that out now? We’re not holding our breath, but: should price continue to beat a near-term retreat, 1854-1779 shows as structural support from which our 2254 forecast high for this year may indeed well appear.

In fact, to really push the envelope to the brink here, the “Trade of Trades” as we see it is to be Long Gold and Short the S&P; (but ’tis that darn “when” which perennially seems in the way).

Now for the StateSide economy, Dow Jones Newswires just ran with this headline “Why This Economic Boom Can’t Lift America’s Spirits”. To what “boom” do they refer? We don’t see one here:

Meanwhile, the Federal Reserve pie-fights continue, (except when it really counts given the Open Market Committee continues to vote unanimously). Either way, New York FedPrez John “It’s All Good” Williams (amongst others) inferred this past week that a +0.25% rate hike to kick off  The Great Rise ought be sufficient (as opposed to +0.50%). Counter to that, both FedGovs Michelle “Miki” Bowman and Christopher “Up The” Waller are in the +0.50% hike camp, the latter seeing inflation as “alarmingly high”.

And not to be left off the poker table, on the heels of calls for three rate hikes — and then seven — JPMorgan has now upped the ante to nine, (but not all in 2022). Still got stock? Good luck.

We’ll stick with Gold and Silver. For which next we’ve their 10-day Market Profiles, the yellow metal being on the left and the white metal on the right, both well off their geo-politically-induced highs:

To round it out for month-end (with Monday still in the balance), here is our broad-based structural chart for Gold by its monthly bars across these last dozen years. The rightmost months of generally “higher lows” is encouraging toward resuming mitigation of the rampant debasement of the Dollar. Might Gold tap the blue line high with 10 months remaining in 2022? As detailed a week ago, such Gold price-rise distances have been achieved within like time stints:

Next week brings us the StateSide President’s State of the Union Address, plus the Fed’s Tan Tome and February’s jobs data. The key unknown remains the state (or lack thereof) of sanity with respect to the war. Stay with your Gold as it all doth unfold, and take care.

www.TheGoldUpdate.com

Gold 2254 in Year 2022

Welcome to next year: ’tis here.

010122_gold_scoreboard

In settling yesterday (Friday) at 1831, Gold’s five-day gain was +20 points, or more meaningfully just +1.1%, ranking it 11th amongst the 18 “Finale Rallies” years this 21st century-to-date. (Recall from last week’s piece that ’04, ’11 and ’15 were instead finales down into valleys).

But that’s all quite immaterial really given comparable respect to Gold missing our forecast high for 2401 in 2021: Gold never got beyond 1963 (06 January). To reprove ourselves in the words of Dr. Kananga (aka “Mr. Big”) from “Live and Let Die” –[Eon/UA, ’73]:

“I gave you every break possible. You had a chance. You weren’t even close.”

  • The best “break possible” was the U.S. money supply (“M2” basis) increasing from $19.4 trillion at year-end 2020 to $21.8 trillion as of yesterday, (+12.4%). Not only did Gold balk, but for the year on balance, price instead went backward from 1902 at year-end 2020 to 1831 yesterday (-3.7%).
  • We “had a chance” as with flawlessly favourable fundamentals, the predicted 2401 level was merely the extrapolation of 2020’s linear regression trendline (per weekly closes) through 2021. But repeat same for 2022 and — given Gold’s 2021 trend was down — ‘twould find price’s extreme for this new year lower than higher. Bereft of all common sense, that.
  • Thus we “weren’t even close.” Period. Say no more. We can only scrape what remaining credibility we might maintain off the floor and look to what is now 2022.

Accordingly, per this missive’s title and its opening Gold Scoreboard, we’re going with 2254 as Gold’s high for 2022. How did we arrive at that price? You website followers out there may be familiar with our Market Ranges page, which each day updates our EDTR (“expected daily trading range”) for the following trading day. At times, too, we’ve assessed same for weekly and month measures.

2254 is borne of the yearly measure on a percentage basis: Gold’s EYTR for 2022 is 30.4%, (which for you WestPalmBeachers down there means the expected distance from Gold’s 2022 low to its high). A derivative of the EYTR is the realistic assumption that Gold shan’t simply go straight up (which if it did would bring us 2387 this year). Rather, should Gold put in an up year for 2022, 23.2% (the expected maximum percentage up move from 1831 with the overall 30.4% trading range) puts the projected high at 2254.

Thus in the following graphic, here is where 2254 appears above (still way above) Gold’s weekly bars and parabolic trends from a year ago-to-date. 2021 was a year wherein Gold couldn’t find its way out of a paper bag despite Debased currency wreckage, Treasury insolvency to meet Debt service, and non-covered Derivatives run amok. The 3Ds in a rotted nutshell, right there … Yuck!

010122_gold_weekly

But what shall it take to wrest Gold out of its high-1700s to low-1800s malaise? Yes, obviously Gold’s foundational fundamentals support price above 4000 right now, a valuation even deemed modest by some hardcore analysts; (we just do the honest Debasement math). Not helping is the metastasizing notion of “Manipulation” put upon price by entities with sufficiently margined futures accounts to measuredly repel upside movement time and again.

‘Course a sovereign bank can give “them of the M” a run for their money; add to that the buying participation of large institutional funds and Gold can be off to races really fast. Rather than Gold getting a lurch by some geopolitical event (following which price always sags back from whence it came), large scale buyers shall ultimately put price right — and right quick at that — upon real erosion of currency-based wealth. And were that to occur this year, our 2254 can well appear as a modest speck in the rear-view mirror. Stay tuned…

Meanwhile comes our high-level mix of precious metals-based equities. By their percentage tracks starting from this time a year ago, the mild-standout is Franco-Nevada (FNV) +10% along with also-positive Newmont (NEM) +4%. But then ’tis nothing but red with Gold itself -4%, the VanEck Vectors Gold Miners exchange-traded fund (GDX) -11%, the Global X Silver Miners exchange-traded fund (SIL) -20%, Agnico Eagle Mines (AEM) -25%, and from worst-to-first-and-back-to-worst Pan American Silver (PAAS) -28%. ‘Course from the “Eternal Hope Dept.”

We reprise a savvy trader’s quip from decades ago: “Ya can’t sell ’em on the way up if ya didn’t buy ’em on the way down!” And featuring Stoopid and Smart, this display definitely depicts “down”:

010122_gold_gdx_nem_aem_fnv_sil_paas

For the BEGOS Markets as a whole in 2021, the economically-driven components skīed whilst the safe-havens died. Per our final percentage standings for 2021, Oil led from the get-go and never looked back, the +55.8% gain its largest since 2007. The ever-earnings-ignorant S&P 500 scored a podium finish, as did Copper. Then at the dividing line appropriately is the Dollar with the +6.4% gain seemingly impossible given its massive Debasement: that’s called “market dislocation on steroids”. Finally in the red are the safe havens after two fairly solid prior years:

010122_begos_standings

Now for the past year’s full look at the Economic Barometer: when you go from “no economy” (2020) to “full economy” (2021), you look really good. However, recall our emphasizing through 2020 that the private sector naturally negotiated Covid’s swerving curves: folks found their way through the friction-filled fray. But at the end of the day, 2021 finished with the Baro at a better than three-year oscillative high, the S&P itself making an all-time high at 4809 on 30 December. Lookin’ great there, Joey Baby!

010122_econbaro

Still, from the “Cooler Heads Prevail Dept.” Bill Stromberg (T. Rowe Price Prez/CEO) pointed to investors being in “free-form risk-taking”, the FinTimes going on to further note that “investors can be right for the wrong reasons.” That’s responsible reporting, the antithesis of which came from Dow Jones Newswires referring to corporate profits for the past two years as “Rip-roaring”. Really? Query: If “Rip-roaring”, how then can one account for our “live” reading of the S&P 500’s price/earnings ratio having climbed from 39.0x at the end of 2019 two years hence to now 49.5x?

“Because of the commensurate rise in stock prices, mmb. Happy New Year, by the way.”

To you as well, faithful Squire. And your having demonstrated four-syllable wording in commencing the new year is impressive. ‘Course, ’tis way beyond “commensurate”; we see it as “catastrophic” … rip-roaringly so when it doth go.

As to the now, what is on the upside “Go!” is the linear regression trend of every BEGOS Market save for the Bond. Here are the last 21-days (one month) for each of them as we go ’round the horn, money pouring into “everything” except debt, (poor TreaSec Yellen). The baby blue dots depict the day-to-day consistency of the grey trendlines:

010122_begos_dots

Next we’ve the 10-day Market Profiles for Gold on the left and Silver on the right. Simply stated, life again at the top looks good, and more so given price being so materially undervalued. Today at 1831, Gold is priced at just 45% of its Debasement valuation of 4070. The Gold/Silver ratio is today 78.4x, but the average from 2001-to-date is 66.5x. Thus doing the simple arithmetic: were Gold today actually at its proper valuation of 4070 and the G/S ratio at its average of 66.5x, the price of Silver (today 23.36) would be 162% higher at 61.20!

010122_gold_silver_profiles

And it being month-end, moreover year-end, here is the Gold Structure monthly bars graphic across the past 11 years, our 2022 forecast high of 2254 ratcheted down from last year’s 2401 target as the battle across The Northern Front for the Final Frontier furiously continues, purportedly against the forces of “The M Word” crowd:

010122_gold_structure

Now as a closing bonus, here we’ve the annual closing price of Gold across the past 51 years, from 35 then to 1831 today, (thank you, Dick):

010122_gold_annual_closes

2021 is done with 2022 right on cue. We expect volatility to remain rather rampant throughout the year across the BEGOS Markets. Therein, clearly the S&P 500 is beyond due for another major wallop similar to those during 2001-2002 and 2008-2009 for the most basic of reasons: the money isn’t there. Indeed to update a favoured stat from 2021: at yesterday’s close, the market capitalization of the S&P 500 alone is $42.0 trillion; the StateSide liquid money supply (M2) is “only” $21.8 trillion; (globally ’tis rounded at $40 trillion).

So how much shall Stoopid actually receive when Stoopid finally sells? On the other hand, Gold today at 1831 is “worth” (by tonnage) $13.1 trillion … but at proper valuation (4070) ’tis worth $29.2 trillion. “Hey Stoopid! Got Gold???”

Happy New Year and Cheers!

www.deMeadville.com

What is NEM – The Full Guide

NEM

NEM is a blockchain written in Java, the double-layer blockchain supports multiple ledgers on its cryptocurrency layers. NEM’s ecosystem is built in such a way that seamlessly connects and transfers any type of digital assets between private and public blockchains. A collective growth mindset, made NEM to abdicate the POS consensus and introduce the POI. NEM is the world’s first practitioner of POI (Proof-of-Importance) consensus. Although it is similar to Proof-of-Stake which requires locking of certain amounts of coins in the ecosystem, there are several major differences.

The key difference between the POS and POI consensus is that in the POS consensus the amount of coins staked does matter, whereas a staker allocating 10% of the staked amount will be able to mine only 10% of blocks in the network. The POI consensus is used to determine network participants which are eligible enough to add blocks to the blockchain, in NEM’s ecosystem adding blocks to the blockchain is called “harvesting”.

In POS the more coins one stakes, the higher the reward and the reputation, however in POI mechanism, there are three key factors which build the reputation of the node: vesting (holding of 10000 XEM in the wallet), transaction partners, number of transactions within 30 days.

Symbol

Symbol is NEM’s project mainly focused on Enterprise. Symbol is a hybrid blockchain, which means that the blockchain is not fully accessible by anyone although it still bears features of a blockchain such as transparency, security and solidness. The hybrid blockchain is fully customizable and blockchain nodes can decide which transactions should be verifiable, who can participate in the blockchain and which transactions can be public.

The interoperability of public and private chains from what it seems like allow a cost-efficient, seamless data transfer between these two chains, avoiding third party bridges, which are used in interconnection of public and private chain protocols. Just like other blockchains built nowadays, Symbol is interoperable, which means no intermediaries needed for data transfer and token swaps between any blockchain and Symbol.

Source: Symbol Platform official website

As NEM commented, the launch of the mainnet of Symbol is scheduled on March 15, after a long 4 years of developments. On March 12, the project will pre-launch Opt-in and snapshot phase at a block height of 3,105,500.

The Opt-in means that any NEM’s proprietary token – XEM holders can receive Symbol’s proprietary token – XYM upon the mainnet launch. Basically what that means is that during the block height of 3,105,500 the system will read all wallets that have participated in the Opt-in and will allocate XYM to the Symbol account created during the Opt-in, which is exactly the same as the balance of one’s XEM wallet. In other words, hold your XEM in your NEM wallet (note: the wallet must be updated to the latest one), apply for Opt-in, create a Symbol account, for each 1 XEM in your balance you will receive 1 XYM, the XEM balance will remain intact, according to the announcement on NEM’s official website.

How is it going to impact XEM?

The Symbol is a promising project, it already made partners with some big names in the industry. The XYM token is already listed in Poloniex, Bitpanda, Gateio and others, and listing of the XYM is already on the task list of giants such as Binance, Huobi, Kucoin and 17 other exchanges. Some exchanges will support the snapshot of wallets for XYM allocation, among such are Binance, Kucoin, and recently announced Coinex.

While the excitement in this airdrop is heavy, XEM price seems to be silent and waiting for an alert to trigger. While the cryptocurrency market is in an uptrend today with Bitcoin gaining almost 4% today only according to the data of the cryptocurrency trading platform Overbit,

XEM/USD lies low like a leopard before a jump.

Source: TradingView

Based on the technical chart analysis, XEM/USD is currently in a corrective 5-wave ABCDE formation, which formed a symmetrical triangle. Based on the technical analysis, the chart pattern and the MACD indicator, XEM/USD will probably break the upper edge of the triangle and move upwards. The resistances to watch here are $0.7530 and $0.8000. Closing below the lower edge might lead to a drop to $0.6100 and $0.6000.

One should bear in mind that in most cases listings of new coins and airdrops led to massive sell-offs among the token investors. In case of NEM and Symbol such might not be the case or the so-called “dump” might not be as heavy as during the boom of ICO’s.

The first reason is that in the emerging ecosystem of NEM, many might consider becoming network participants, the overall crypto market sentiment still remains bullish and tokens of cross-chain networks such as Polkadot are among the top investment appealing, enterprises are going blockchain and are integrating blockchain into their existing network another example of a project which allowed enterprises to connect their external data to blockchain is Chainlink, whose token LINK is along-side Polkadot’s DOT is an outperforming coin and still is appreciated by long-term investors.

As the crypto-adoption is growing, more stores are tend to accept cryptocurrencies as payment, projects like Symbol will assist in bringing the crypto and blockchain to the IoT we got used to.

NEM’s XEM Technical Analysis – Resistance Levels in Play – 19/08/19

Key Highlights

  • NEM’s XEM rose by 2.29% on Sunday. Following a 0.74% gain from Saturday, NEM’s XEM ended the day at $0.05531.
  • An early morning intraday low $0.053347 saw NEM’s XEM hold above the first major support level at $0.05280.
  • A late afternoon intraday high $0.056112 saw NEM’s XEM break through the first major resistance level at $0.0551.
  • The extended bearish trend formed at late April 2018’s swing hi $0.46547 remained intact. NEM’s XEM continued to fall well short of the 23.6% FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

How to Buy NEM’s XEM

NEM’s XEM Price Resistance

NEM’s XEM rose by 2.29% on Sunday. Following a 0.74% gain from Saturday, NEM’s XEM ended the day at $0.055431.

A choppy start to the day saw NEM’s XEM fall to an early morning intraday low $0.053347 before finding support.

In spite of the early pullback, NEM’s XEM steered clear of the first major support level at $0.0528.

Finding support from the broader market, NEM’s XEM rallied to a late afternoon intraday high $0.056112 before easing back.

The late morning rally saw NEM’s XEM break through the first major resistance level at $0.0551.

Choppy late in the day, NEM’s XEM slid back to $0.054 levels before closing out the day at $0.055 levels

The extended bearish trend, formed at late April 2018’s swing hi $0.46547, remained firmly intact.

Following a brief visit to $0.133 levels in the week of 13th May, a pullback to sub-$0.06 levels ensured that NEM’s XEM continued to fall short of the 23.6 FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

At the time of writing, NEM’s XEM was up by 0.26% to $0.05545. A bullish start to the day saw NEM’s XEM rise from an early morning low $0.055034 to a morning high $0.055729 before easing back.

NEM’s XEM left he major support and resistance levels untested early on.

XEM/USD 19/08/19 Daily Chart

For the day ahead

NEM’s XEM would need to hold onto $0.055 levels to support a run at the first major resistance level at $0.0565.

Support from the broader market would be needed, however, for NEM’s XEM to break out from Sunday’s high $0.056112.

Barring a broad-based crypto rally, Sunday’s high and the first major resistance level would likely cap any upside on the day.

Failure to hold onto $0.055 levels could see NEM’s XEM take a hit on the day.

A fall through to $0.05450 would bring the first major support level at $0.0537 into play before any recovery.

Barring a crypto meltdown, NEM’s XEM should steer well clear of sub-$0.53 levels and the second major support level at $0.0522.

Looking at the Technical Indicators

Major Support Level: $0.0537

Major Resistance Level: $0.0565

23.6% FIB Retracement Level: $0.1359

38.2% FIB Retracement Level: $0.1988

62% FIB Retracement Level: $0.3007

Please let us know what you think in the comments below

Thanks, Bob

NEM’s XEM Technical Analysis – Support Levels in Play – 09/08/19

Key Highlights

  • NEM’s XEM slid by 4.62% on Thursday. Reversing a 0.78% gain from Wednesday with interest, NEM’s XEM ended the day at $0.060756.
  • An early morning intraday high $0.06437 saw NEM’s XEM fall short of the first major resistance level at $0.06630
  • A late intraday low $0.059935 saw NEM’s XEM fall through the first major support level at $0.06140.
  • The extended bearish trend formed at late April 2018’s swing hi $0.46547 remained intact. NEM’s XEM continued to fall well short of the 23.6% FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM slid by 4.62% on Thursday. Reversing a 0.78% gain from Wednesday, with interest, NEM’s XEM ended the day at $0.060756.

Bearish from the start of the day, NEM’s XEM slid from an early morning intraday high $0.06437 to a mid-morning low $0.06175.

Steering clear of the major resistance levels, NEM’s XEM came within range of the first major support level at $0.0614.

Finding support through the late morning, NEM’s XEM recovered to $0.063 levels before hitting reverse.

Sliding through the 2nd half of the day, NEM’s XEM fell to a late intraday low $0.059935. The reversal saw NEM’s XEM fall through the first major support level at $0.0614.

Finding support late on, NEM’s XEM managed to recover to $0.060 levels ahead of the day end.

The extended bearish trend, formed at late April 2018’s swing hi $0.46547, remained firmly intact. Following a brief visit to $0.133 levels in the week of 13th May, a pullback to sub-$0.07 levels ensured that NEM’s XEM continued to fall short of the 23.6 FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

At the time of writing, NEM’s XEM was down by 1.08% to $0.060102. A choppy start to the day saw NEM’s XEM rise to an early morning high $0.061188 before hitting reverse.

Falling short of the first major resistance level at $0.0634, NEM’s XEM slid back to a morning low $0.059779.

In spite of the early sell-off, NEM’s XEM steered clear of the first major support level at $0.0590.

XEM/USD 09/08/19 Daily Chart

For the day ahead

A move through the morning high to $0.0617 levels would support a run at the first major resistance level at $0.0634.

NEM’s XEM would need the support of the broader market, however, to break out from $0.0610 levels.

In the event of a broad-based crypto rebound, Thursday’s high $0.06437 would pin NEM’s XEM back from a run at the second major resistance level at $0.0661.

Failure to move through to $0.0617 levels could see NEM’s XEM fall deeper into the red.

A fall through the morning low $0.059779 would bring the first major support level at $0.0590 into play.

Barring an extended sell-off through the day, NEM’s XEM should steer well clear of the second major support level at $0.0573.

Looking at the Technical Indicators

Major Support Level: $0.0590

Major Resistance Level: $0.0634

23.6% FIB Retracement Level: $0.1359

38.2% FIB Retracement Level: $0.1988

62% FIB Retracement Level: $0.3007

Please let us know what you think in the comments below

Thanks, Bob

NEM’s XEM Technical Analysis – Support Levels in Play – 01/08/19

Key Highlights

  • NEM’s XEM rose by 1.88% on Wednesday. Following on from a 2.72% gain from Tuesday, NEM’s XEM ended the day at $0.06626.
  • An early afternoon intraday high $0.066945 saw NEM’s XEM break through the first major resistance level at $0.0665
  • A late intraday low $0.064529 saw NEM’s XEM steer clear of the first major support level at $0.06270
  • The extended bearish trend formed at late April 2018’s swing hi $0.46547 remained intact. NEM’s XEM continued to fall well short of the 23.6% FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM rose by 1.88% on Wednesday. Following on from a 2.72% gain from Tuesday, NEM’s XEM ended the day at $0.06626.

A relatively bullish first half of the day saw NEM’s XEM rise from a morning low $0.06453 to an early afternoon intraday high $0.066945.

Steering clear of the major support levels, NEM’s XEM broke through the first major resistance level at $0.06650.

A pullback through the afternoon saw NEM’s XEM fall to a late intraday low $0.064529 before finding support.

Steering clear of the first major support level at $0.0627, NEM’s XEM recovered to $0.066 levels to close out the day in the green.

The extended bearish trend, formed at late April 2018’s swing hi $0.46547, remained firmly intact.

Following a brief visit to $0.133 levels in the week of 13th May, a pullback to sub-$0.07 levels ensured that NEM’s XEM continued to fall short of the 23.6 FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

At the time of writing, NEM’s XEM was down by 2.28% to $0.06475. A bearish start to the day saw NEM’s XEM fall from an early morning high $0.06622 to a low $0.064296 before finding support.

Steering clear of the first major resistance level at $0.0673, NEM’s XEM fell through the first major support level at $0.0649 early on.

XEM/USD 01/08/19 Daily Chart

For the day ahead

A move back through the first major support level to $0.0660 levels would support a run at the first major resistance level at $0.0673.

NEM’s XEM would need the support of the broader market, however, to break out from this morning’s high $0.06622.

Barring a broad-based crypto rally, Wednesday’s high $0.066945 and the first major resistance level would likely limit any upside.

Failure to move back through to $0.0660 levels would see NEM’s XEM struggle through the day. A fall back through the morning low $0.064296 would bring sub-$0.064 levels into play.

An extended sell-off through the day would see NEM’s XEM test the second major support level at $0.0635 before any recovery.

Barring a crypto meltdown, however, we would expect NEM’s XEM to steer clear of sub-$0.0630.

Looking at the Technical Indicators

Major Support Level: $0.0649

Major Resistance Level: $0.0673

23.6% FIB Retracement Level: $0.1359

38.2% FIB Retracement Level: $0.1988

62% FIB Retracement Level: $0.3007

Please let us know what you think in the comments below

Thanks, Bob

NEM’s XEM Technical Analysis – Support Levels in Play – 24/07/19

Key Highlights

  • NEM’s XEM fell by 6% on Tuesday. Following a flat Monday, NEM’s XEM ended the day at $0.06371.
  • An early morning intraday high $0.069593 saw NEM’s XEM test the first major resistance level at $0.06930
  • A late intraday low $0.063418 saw NEM’s XEM fall through the first major support level at $0.0655.
  • The extended bearish trend formed at late April 2018’s swing hi $0.46547 remained intact. NEM’s XEM continued to fall well short of the 23.6% FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

How to Buy NEM’s XEM

NEM’s XEM Price Support

A bullish start to the day saw NEM’s XEM rise to an early morning intraday high $0.069593 before hitting reverse

NEM’s XEM broke through the first major resistance level at $0.0693 before sliding to an intraday low $0.063418.

The sell-off saw NEM’s XEM fall through the first major support level at $0.0655. The only good news on the day was that NEM’s XEM avoided a fall through the second major support level at $0.0633.

The extended bearish trend, formed at late April 2018’s swing hi $0.46547, remained firmly intact.

Following a brief visit to $0.133 levels in the week of 13th May, a pullback to sub-$0.07 levels ensured that NEM’s XEM continued to fall short of the 23.6 FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

At the time of writing, NEM’s XEM was down by 1.76% to $0.06259. A bearish start to the day saw NEM’s XEM fall from a morning high $0.064574 to a low $0.061767.

In spite of the choppy start to the day, NEM’s XEM steered clear of the major support and resistance levels early on.

XEM/USD 24/07/19 Daily Chart

For the day ahead

A move through to $0.0650 levels would be needed to bring the first major resistance level at $0.0677 into play.

Barring a broad-based crypto rebound, however, NEM’s XEM would likely come up short of $0.065 levels on the day.

In the event of a crypto rally, NEM’s XEM could revisit Tuesday’s high $0.06959 before hitting reverse.

Failure to move through to $0.065 levels could lead to heavier losses on the day. A fall through the morning low $0.061767 would bring the first major support level at $0.0616 back into play.

Barring an extended sell-off through the day, NEM’s XEM should steer clear of sub-$0.60 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.0616

Major Resistance Level: $0.0677

23.6% FIB Retracement Level: $0.1359

38.2% FIB Retracement Level: $0.1988

62% FIB Retracement Level: $0.3007

Please let us know what you think in the comments below

Thanks, Bob

NEM’s XEM Technical Analysis – Support Levels in Play – 05/07/19

Key Highlights

  • NEM’s XEM tumbled by 15.7% on Sunday. Following on from a 5.85% slide on Saturday, NEM’s XEM ended the day at $0.06217.
  • An early morning intraday high $0.074212 saw NEM’s XEM fall short of the first major resistance level at $0.0783.
  • A late intraday low $0.06115 saw NEM’s XEM fall through the first major support level at $0.0694 and second major support level at $0.0655.
  • The extended bearish trend formed at late April 2018’s swing hi $0.46547 remained intact. NEM’s XEM continued to fall well short of the 23.6% FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

How to Buy NEM’s XEM

NEM’s XEM Price Resistance

NEM’s XEM tumbled by 15.71% on Sunday. Following on from a 5.85% fall on Saturday, NEM’s XEM ended the day at $0.06217.

A particularly bearish weekend left NEM’s XEM down by 31.35% for the week ending 14th July.

On the day, a bearish morning saw NEM’s XEM slide from an early intraday high $0.074212 to a mid-afternoon low $0.061375.

Steering clear of the major resistance levels, NEM’s XEM fell through the first major support level at $0.0694 and second major support level at $0.0655.

A move back through to $0.065 levels late in the day was short-lived, with NEM’s XEM sliding back to a late intraday low $0.06115.

The extended bearish trend, formed at late April 2018’s swing hi $0.46547, remained firmly intact.

Following a brief visit to $0.133 levels in the week of 13th May, a pullback to sub-$0.07 levels ensured that NEM’s XEM continued to fall short of the 23.6 FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

At the time of writing, NEM’s XEM was down by 0.95% to $0.06158. A bearish start to the day saw NEM’s XEM fall from a morning high $0.063275 to a low $0.058046.

NEM’s XEM came within range of the first major support level at $0.0575 before moving back through to $0.060 levels.

XEM/USD 15/07/19 Daily Chart

For the day ahead

A move through the morning high $0.063275 to $0.0658 levels would support a run at $0.070 levels later in the day.

NEM’s XEM would need the support of the broader market, however, to break out from $0.064 levels on the day.

In the event of a broad-based crypto rebound, NEM’s XEM could take a run at $0.072 levels before any pullback.

Failure to move through to $0.0658 levels could see NEM’s XEM struggle on the day. A fall back through to sub-$0.060 levels would bring the first major support level at $0.0575 into play.

Barring another crypto meltdown, NEM’s XEM should steer clear of the second major support level at $0.0528.

Looking at the Technical Indicators

Major Support Level: $0.0575

Major Resistance Level: $0.0705

23.6% FIB Retracement Level: $0.1359

38.2% FIB Retracement Level: $0.1988

62% FIB Retracement Level: $0.3007

Please let us know what you think in the comments below

Thanks, Bob

NEM’s XEM Technical Analysis – Resistance Levels in Play – 05/07/19

Key Highlights

  • NEM’s XEM fell by 2.61% on Thursday. Partially reversing a 3.46% gain from Wednesday, NEM’s XEM ended the day at $0.08895.
  • A late afternoon intraday high $0.09654 saw NEM’s XEM break through the first major resistance level at $0.0946.
  • A late intraday low $0.08776 saw NEM’s XEM test the first major support level at $0.0878.
  • The extended bearish trend formed at late April 2018’s swing hi $0.46547 remained intact. NEM’s XEM continued to fall well short of the 23.6% FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

How to Buy NEM’s XEM

NEM’s XEM Price Resistance

NEM’s XEM fell by 2.61% on Thursday. Partially reversing a 3.46% gain from Wednesday, NEM’s XEM ended the day at $0.08895.

A relatively choppy start to the day saw NEM’s XEM fall to a morning low $0.08776 before making a move.

Finding support at the first major support level at $0.0878, NEM’s XEM bounced back to a late afternoon intraday high $0.09654.

The afternoon rally saw NEM’s XEM break through the first major resistance level at $0.0946 before taking a hit.

A broad-based crypto sell-off in the final hour of the day pulled NEM’s XEM into the red. NEM’s XEM slid to an intraday low $0.08776 before finding support. The first major support level at $0.0878 limited the downside for a 2nd time on the day.

The extended bearish trend, formed at late April 2018’s swing hi $0.46547, remained firmly intact.

Following a brief visit to $0.133 levels in the week of 13th May, a pullback to sub-$0.09 levels ensured that NEM’s XEM continued to fall short of the 23.6 FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

At the time of writing, NEM’s XEM was up by 1.16% to $0.08998. A bullish start to the day saw NEM’s XEM rise from a morning low $0.08794 to a high $0.09057 before easing back.

NEM’s XEM left the major support and resistance levels untested in spite of the early gains.

XEM/USD 05/07/19 Daily Chart

For the day ahead

A move through to $0.0915 levels would support a run at the first major resistance level at $0.0944 later in the day.

NEM’s XEM would need the support of the broader market, however, to break out from this morning’s high $0.09057.

In the event of a broad-based crypto rally, NEM’s XEM could visit $0.096 levels struck on Thursday before any pullback.

We would expect, however, for NEM’s XEM to come up short of the second major resistance level at $0.0999.

Failure to move through to $0.0915 levels could see NEM’s XEM hit reverse. A fall through the morning low $0.08794 would bring the first major support level at $0.0823 into play before any recovery.

Barring a crypto meltdown, NEM’s XEM should steer well clear of sub-$0.080 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.0856

Major Resistance Level: $0.944

23.6% FIB Retracement Level: $0.1359

38.2% FIB Retracement Level: $0.1988

62% FIB Retracement Level: $0.3007

Please let us know what you think in the comments below

Thanks, Bob

NEM’s XEM Technical Analysis – Resistance Levels in Play – 27/06/19

Key Highlights

  • NEM’s XEM rallied by 6.63% on Wednesday. Reversing a 0.1% fall from Tuesday, NEM’s XEM ended the day at $0.09812.
  • A late afternoon intraday high $0.10913 saw NEM’s XEM break through the major resistance levels.
  • A late intraday low $0.089486 saw NEM’s XEM hold above the first major support level at $0.0871.
  • The extended bearish trend formed at late April’s swing hi $0.46547 remained intact. NEM’s XEM continued to fall well short of the 23.6% FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

How to Buy NEM’s XEM

NEM’s XEM Price Resistance

NEM’s XEM rallied by 6.63% on Wednesday. Reversing a 0.1% fall from Tuesday, NEM’s XEM ended the day at $0.09812.

Bullish through most of the day, NEM’s XEM rallied from a morning low $0.09102 to a late afternoon intraday high $0.10913.

The rally saw NEM’s XEM break through the day’s major resistance levels before hitting reverse late in the day.

A broad-based crypto sell-off saw NEM’s XEM fall to a late intraday low $0.08949 before bouncing back. In spite of the reversal, NEM’s XEM steered clear of the first major support level at $0.0871 before recovering to $0.098 levels.

The extended bearish trend, formed at late April 2018’s swing hi $0.46547, remained firmly intact.

Following a brief visit to $0.133 levels in the week of 13th May, a pullback to sub-$0.10 levels ensured that NEM’s XEM continued to fall short of the 23.6 FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

At the time of writing, NEM’s XEM was down 0.97% to $0.09717. A particularly choppy start to the day saw NEM’s XEM rise to a morning high $0.10679 before sliding to a low $0.09377.

The early rally saw NEM’s XEM come within range of the first major resistance level at $0.1083. NEM’s XEM managed to hold well above the first major support level at $0.0887 on the way down.

XEM/USD 2706/19 Daily Chart

For the day ahead

A move back through to $0.0990 levels would support another run at the first major resistance level at $0.1083.

NEM’s XEM would need support from the broader market, however, to break out from the early morning high $0.10679.

In the event of a broad-based crypto rebound, NEM’s XEM could take another run at $0.11 levels before any pullback.

Failure to move back through to $0.099 levels could see NEM’s XEM slide deeper into the red. A pullback through the morning low $0.09377 could bring sub-$0.0900 levels into play before any recovery.

Barring an extended crypto sell-off, the first major support level at $0.0887 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.0887

Major Resistance Level: $0.1083

23.6% FIB Retracement Level: $0.1359

38.2% FIB Retracement Level: $0.1988

62% FIB Retracement Level: $0.3007

Please let us know what you think in the comments below

Thanks, Bob

NEM’s XEM Technical Analysis – Resistance Levels in Play – 19/06/19

Key Highlights

  • NEM’s XEM slid by 4.96% on Tuesday. Reversing a 3.46% gain from Monday, NEM’s XEM ended the day at $0.08613.
  • A start of a day intraday high $0.09095 saw NEM’s XEM fall short of the first major resistance level at $0.0934.
  • A late intraday low $0.08486 saw NEM’s XEM fall through the first major support level at $0.0876.
  • The extended bearish trend formed at late April’s swing hi $0.46547 remained intact. NEM’s XEM continued to fall well short of the 23.6% FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM slid by 4.96% on Tuesday. Reversing a 3.46% gain from Monday, NEM’s XEM ended the day at $0.08613.

A particularly bearish day saw NEM’s XEM slide from a start of a day intraday high $0.09095 to a late intraday low $0.08486.

Steering clear of the first major resistance level at $0.0934, support levels came into play by mid-morning.

NEM’s XEM fell through the first major support level at $0.0876 to come within range of the second major support level at $0.0846.

Support from the broader market kicked in late in the day, with NEM’s XEM managing to move back through to $0.086 levels.

The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact.

Following a brief visit to $0.133 levels in the week of 13th May, a pullback to sub-$0.10 levels ensured that NEM’s XEM continued to fall short of the 23.6 FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

At the time of writing, NEM’s XEM was up by 1.03% to $0.08702. A bullish start to the day saw NEM’s XEM rally from a morning low $0.08536 to an early morning high $0.087353.

In spite of the early moves, NEM’s XEM left the major support and resistance levels untested.

XEM/USD 19/06/19 Daily Chart

For the day ahead

A move back through to $0.0873 levels would support further gains later in the day.

NEM’s XEM would need to move through to $0.0880 levels, however, to take a run at the first major resistance level at $0.0898.

Barring a broad-based crypto rally, NEM’s XEM would likely come up short of $0.0890 levels on the day.

In the event of a broad-based market rebound, NEM’s XEM would likely break through the first major resistance levels to hit $0.090 levels.

The second major resistance level at $0.0934 would likely cap any upside, in the event of a breakout.

Failure to move back through to $0.0873 levels could see NEM’s XEM hit reverse. A fall through the morning low $0.08536 would bring $0.0840 levels into play before any recovery.

In the event of a reversal, the first major support level at $0.0837 should limit the downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.08370

Major Resistance Level: $0.08980

23.6% FIB Retracement Level: $0.1359

38.2% FIB Retracement Level: $0.1988

62% FIB Retracement Level: $0.3007

Please let us know what you think in the comments below

Thanks, Bob

NEM’s XEM Technical Analysis – Support Levels in Play – 11/06/19

Key Highlights

  • NEM’s XEM rose by 3.78% on Monday. Partially reversing a 5.55% slide from Sunday, NEM’s XEM ended the day at $0.08476.
  • A start of a day intraday low $0.079486 saw NEM’s XEM hold above the first major support level at $0.07780.
  • A mid-day intraday high $0.085632 saw NEM’s XEM break through the first major resistance level at $0.0848.
  • The extended bearish trend formed at late April’s swing hi $0.46547 remained intact. NEM’s XEM continued to fall well short of the 23.6% FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM rose by 3.78% on Monday. Partially reversing a 5.55% slide from Sunday, NEM’s XEM ended the day at $0.08476.

A bullish start to the day, NEM’s XEM rallied from an early intraday low $0.079486 to $0.084 levels by mid-morning before easing back.

Holding onto $0.080 levels and steering clear of the first major support level at $0.0778, NEM’s XEM rallied to a mid-day intraday high $0.085632.

The late morning rally saw NEM’s XEM break through the first major resistance level at $0.0848.

A pullback through the afternoon saw NEM’s XEM fall to an afternoon low $0.08307 before finding late support to test the first major resistance level for a 2nd time.

The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact. Following 9 weeks in the green, NEM’s XEM saw 6 weeks in the red out of the last 9. The reversal ensured that NEM’s XEM continued to fall short of the 23.6 FIB Retracement Level of $0.1359 following 6th February’s new swing lo $0.03405.

NEM’s XEM had managed come within range of the 23.6% FIB with a current year high $0.13364 struck on 16th May before sliding back to sub-$0.09 levels.

At the time of writing, NEM’s XEM was down by 0.83% to $0.08406. A bullish start to the day saw NEM’s XEM rise to a morning high $0.08709 before hitting reverse.

NEM’s XEM came up against the first major resistance level at $0.0871 before falling to a morning low $0.08344.

In spite of the pullback, NEM’s XEM left the major support levels untested early on.

XEM/USD 11/06/19 Daily Chart

For the day ahead

A hold above $0.08350 levels through the morning would support a recovery later in the day. NEM’s XEM would need to move through to $0.0850 levels to take another run at the first major resistance level.

Barring a broad-based crypto rebound, the first major resistance level would likely cap any upside on the day.

Failure to hold above $0.0835 levels could see NEM’s XEM take a bigger hit on the day. A slide back through the morning low $0.08344 would bring the first major support level at $0.0810 into play.

Barring an extended crypto sell-off, however, NEM’s XEM would likely steer clear of the second major support level at $0.0771.

Looking at the Technical Indicators

Major Support Level: $0.0810

Major Resistance Level: $0.0871

23.6% FIB Retracement Level: $0.1359

38.2% FIB Retracement Level: $0.1988

62% FIB Retracement Level: $0.3007

Please let us know what you think in the comments below

Thanks, Bob