NEM Price Analysis:‌ XEM Price Under Strong Grip of Bears Pushing towards 50-DMA

NEM Price may face bearish momentum in the upcoming trading sessions
  • NEM price is trading under pressure after creating its new 52-Week high of $0.8650, while it is currently placed above all the major moving averages of 20,50,100 and 200-Day
  • The pair of NEM/BTC tanks nearly -11.32% in the last 24-Hours presently trading below 20-DMA at 0.00001163 BTC
Source:tradingview

NEM price continues its downtrend as making lower highs and lower lows. However, it successfully manages to trade above 50,100 and 200-Day Moving Averages (DMA). Moreover, on 10th February 2021, a drastic volume change is observed, which indicates the selling pressure in XEM. Support on lower levels is placed at $0.54 and $0.49, while the higher side’s resistance is situated at $0.75 and $0.86. The day candle closing below 20-DMA can generate more bearish momentum in upcoming trading sessions. 

Source:tradingview

NEM price over the daily chart is continuously declining, and the selling pressure is observed from higher levels. However, some bounce is expected from the current levels as the digital asset seems oversold. The support at the lower levels is placed around $0.56 and $0.52, while the higher side’s resistance is situated at $0.72 and $0.80 for intraday. NEM’s current market price is at $0.60 with an intraday drop of -13.28%, volume stands at $643,783,409 with an intraday loss of -30.13%. Likewise, the market capitalizations stand at $5,445,380,328 with an intraday fall of -13.91%. 

- Advertisement -

Relative Strength Index (BEARISH) indicates bearish momentum while trading at 33.52. However, it is continuously heading towards the oversold zone with no recovery sign, but a short-term bounce is expected.   

Moving Average Convergence Divergence (BEARISH) currently indicates a Bearish trend on the daily chart, as it is trading with the significance of the seller’s signal line (red) and the buyer’s line (green). However, both lines are not giving any sign of recovery for upcoming trading sessions. 

Support levels: $0.54 and $0.49

Resistance levels: $0.75 and $0.86 

Join The Coin Republic’s Telegram Channel for more information related to CRYPTOCURRENCY NEWS and predication.

How useful was this post?

Click on a thumb to rate it!

We are sorry that this post was not useful for you!

Let us improve this post!

Tell us how we can improve this post?

Download our App for getting faster updates at your fingertips.

Pratik Chadhokarhttp://www.thecoinrepublic.com
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.

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Top Rated NFT Market

Australia's Top Rated Exchange

Top Rated Cryptocurrency Payment Service

Partners

cryptoheroes

RocketFuel