NEM Price Analysis: Nem Can Give A Break Out Above The Resistance Level Of $0.3142

  • NEM is currently heading towards the major resistance level of $0.3142 after giving a positive breakout.
  • NEM was successfully able to conduct the load test on nodes by several blocks with a few transactions.
  • XEM/BTC pair is currently trading at the value of 0.000008058 BTC with an intraday gain of 0.07%
Source: Trading View

NEM gave a positive breakout after the successful completion of the Nemtus load test hit the market on Jan 28, 2021. NEM coin was successfully able to transact the block between the nodes for fewer transactions. It is currently trading at the level of $0.2728 with an intraday gain of 13.5%. XEM price is trading above the 50 and 200 EMA, making temporary support.XEM market capitalization has seen a gain of 13%, and the volume has seen a whopping increase of 180%.NEM can continue this bullish rally for upcoming trading sessions. The price can see a breakout from the major resistance.

NEM (XEM) Technical Analysis

SOURCE: Trading view

NEM is trading on the bullish note over the daily chart and is currently placed near its major resistance of $0.3142. The breakout above $0.3142 can give a higher level target in the short term. While support on lower levels is placed at $0.253 and $0.201, similarly, the resistance is $0.3142 and $0.3450. XEM has formed a bullish engulfing pattern in the last trading session.XEM/BTC pair is trailing in a consolidated zone and can give a breakout on either side.

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Relative Strength Index (Bullish) indicates a Bullish momentum while trading at 67.18. It is currently heading towards the overbought zone after recovering from lower levels. 

Moving Average Convergence Divergence (Bullish) currently indicates a Bullish trend on the daily chart as giving a positive crossover with the significance of buying signal line (green) over sellers line(red) with no sign of weakness. 

CONCLUSION:

NEM coin has successfully completed the load test which triggered the bullish rally. Technical Indicators are in favor of XEM. Investors should do due diligence before jumping in this bull rally.

Technical Levels:

Major Support:$0.253

Major Resistance:$0.3142

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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