NEM (XEM) Gaining Momentum, Bulls Set to Enter the Market

Krystian Bielanski
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

  • NEM Group recently announced the latest schedule for the launch of the mainnet Symbol on December 17, 2020
  • EM noted the growth of over 56 per cent in the last 30 days. Over the past 24-hours
  • NEM (XEM) registered a market cap of $634 million, while its 24-hour trading volume was close to $29 million, at press time

Bitcoin, the world’s largest cryptocurrency, gained 4% to 12,425.07, its highest in over a year. Bitcoin (BTC) looking to grow and solidify its position around the present price level before it attempts to breach its next target of $14,000. The cryptocurrency market has been bullish thanks to Defi and yield Farming, the new trend is attracting investors. With Ethereum trading above $430, at the time of writing, the second-largest cryptocurrency in the market signals more bullish momentum for the entire altcoin market in the medium term. Looking at the market trends found a declining correlation in the crypto-verse as many of its altcoins enticed distinctiveness on the charts. At the same time, NEM (XEM) was trading near $0.069, with a whopping 8.87% surge over the past 24-hours.

NEM Group recently announced the latest schedule for the launch of the mainnet Symbol on December 17, 2020. NEM (XEM) is ranked 30th in CoinMarketCap’s charts, XEM has been able to bend its way upward in the past few days, with its price following an uptrend. NEM noted the growth of over 56 percent in the last 30 days. Over the past 24-hours, NEM (XEM) registered a market cap of $634 million, while its 24-hour trading volume was close to $29 million, at press time.

For NEM, the closing days of July and the initial days of August were a blessing. Not only did the crypto asset record a much-need comeback on the charts, but also maintained its position in CoinMarketCap’s ladder.

NEM Price Analysis

Looking into the monthly chart, the NEM (XEM) token has formed a double bottom pattern, exactly what NEM required to strongly sustain its upward momentum. 

In the weekly time frame, the price of NEM (XEM) reached the much awaited 673 satoshis level. However. The chart is suggesting bulls to take control of XEM, marching strongly to break past the resistance. If NEM successfully closes around 673 or slightly above it this coming monday,  it gives opportunity to quickly jump around 40%. NEM has been in accumulation for over a year and finally, things start to look really good with fundamental factors supporting the growth.

The RSI had moved out of the bearish side and was entering a value of 34, it might mean that NEM  has plenty of room for the upsurge. The Bollinger bands are showing enough space to move to the moving average inside the band. 

The pattern indicates an upward movement in 4-6 weeks and starts acting as resistance once the price breaches the pattern.

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