NEM (XEM) Surge About +23.29% in Intraday After Breaking Resistance Line

  • NEM (XEM) jumps over +23% in last 24-hours after the breakout from a double bottom pattern and resistance line 
  • The pair of XEM/BTC zooms around +16.26% standing at 0.00001334 BTC

NEM(XEM) gives a positive breakout after clearing the resistance line with confirmation from a double bottom pattern. After a bullish move over the monthly chart and hits a new 52-week high of $0.2790, a profit booking momentum pulls it to the lows of $0.1870 and after testing the level twice it gives a breakout with the great significance of buying volume. Currently, it is trading above 9, 21, 50 and 200-Day Moving Averages indicating the price action stability. The resistance on the higher side is placed at $0.2800, while on the lower side support is placed at $0.1870 and $0.1100 is strong support. 


NEM(XEM) on the daily chart is trading with a bullish pattern as gave a positive breakout from the double bottom pattern, currently trading above 9-Day Moving Averages indicating the strength. The CMP is trading at $0.2520 with the intraday gain of +23.29 at the time of writing. Supported by the volume in the last 24-Hours of $186,544,270 and the total market capitalization stands at $2,249,424,340. The support on the lower side is placed at $0.1965, and resistance on the higher side is placed at $0.2610.

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The Relative Strength Index (RSI) indicates the bullish while strength trading at 74.65 and making it to the i overbought zone with minor signs of weakness. 

Directional Movement Index (DMI) is trading with the significance of +DI line over -DI line indicating the positive momentum.

Moving Average Convergence Divergence (MACD) indicates the positive trend. Currently, it indicates the bullish trend on the intraday chart as gives a positive crossover with the significance of Bull’s line (blue) over Bear’s line (red) indicating the bullish trend for the short term with no sign of weakness. 

Support levels: $0.1870 and $0.1100 

Resistance levels: $0.2800

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Pratik Chadhokar
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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