NEM Price Analysis: XEM Price Dropped By 10% From The All Time High

NEM coin in mayhem about the trend
  • NEM price is seeing a consolidated  move with a gain of 2.59% today and is ready for the breakout above the accumulation zone
  • Technical Indicators suggest a bullish move for XEM.Meanwhile NEM/BTC pair is trailing at the value of 0.00001326 BTC
Source:Trading view

 NEM price is at the level of $0.7158 with a gain of 2.74% in a day. The price of XEM can encounter resistance while going upside at the value of $0.78. The bounce back for NEM can be seen from the level of $0.651. NEM price is above 50 and 100 Days Moving Average. The 50MA (RED) line is at the level of $0.4308, making it temporary support for the price.The price is currently in a consolidated move and is assumed to give a positive breakout. If the price crosses below 50 and 100 MA, it would be difficult for it to recover positively.

NEM is currently ranked at 16, with a market capitalization of $6,419,604,229. The coin volume went up by 75.48% and is at the value of $945,195,938.

Source:Trading view
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The weekly technical chart of NEM highlights a bullish move for the coin. XEM price has also seen a gain of 1.42% on the weekly time frame. The daily chart of NEM highlights a consolidated move for the next few trading sessions. On coming to the shorter time frame of 4 hours, the coin has formed an accumulation zone.If the price breaks above the accumulation zone then a big rally can be seen in upcoming trading sessions. NEM price can also see a new low if it comes below the supply zone.

The volume indicator is at 10.01M with the hint of  buying pressure. If the price climbs above $0.8, then a strong buying volume can be seen.

RSI(Bullish): It is currently at the level of 50.27, showcasing its presence in the overbought zone. There is positive slope formation in the RSI, suggesting the price may see the uptrend. The overall sentiment of the RSI is Bullish.

The Trend Suggests Consolidation For NEM

NEM has seen a gain of more than 280% from the start of the year. The NEM/BTC pair is performing negatively with a loss of 5.56%. An Investor should do their due diligence before investing.

TECHNICAL LEVELS

Major Resistance:$0.78

Major Support:$0.61

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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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