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NEM (XEM) Surges 10% as Foundation Signs MoU with UAE Ministry

The XEM/USD formed a straightforward uptrend while attempting to retest the high from Sep 6 correction action. The price action corrected towards 1.000-fiat later as a part of its pullback action. The downside momentum is still fresh and is looking to establish a floor. As it does, a near-term ascending trendline could influence the pair to continue its uptrend by forming bullish poles and pennants consecutively.

A breaking of a strong resistance area near 0.1091-fiat could unhook a potential upside action towards 0.1121-fiat. Thus, a bounce back from the trendline could open near-term long opportunities, considering the risks are taken care of by opening stop loss positions at a considerably opposite direction of the trade.

A break below the ascending trendline, on the other hand, it could bring XEM/USD into a free-fall towards 0.0966-fiat, followed by 0.0947-fiat, the intraday low and possibly the only moderate support level on a downside action.

The bullish adoption has led to XEM to two more exchanges in the recent times. BitPanda, a European crypto exchange, will list XEM against cryptocurrencies like Bitcoin, Ethereum, IOTA, and Ripple while improving the token’s liquidity against the fiat currencies on its trading platform.

Kuna Exchange, a Ukraine-based crypto exchange, is also listing XEM-to-crypto and XEM-to-fiat pairs on its trading platform, allowing users to directly exchange XEM token with Ukrainian Hyrvnia.

As seen in the case of many cryptocurrencies, the uptrend could also be a false bull action driven by traders with large hands of XEM tokens. It is recommended for retail traders to wait for a floor test before approving any long action trades.

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