NEM Price Analysis: XEM Is Going to Launch Mainnet Symbol

Symbol will connect business organizations, developers and individuals, empowering endless opportunities for blockchain.
  • XEM price bounced back from $0.32 to $0.36 on Monday’s trading session
  • The 24-hour volume in XEM is at $513,812,774 with a 0.22% increase.
  • The XEM/BTC pair was trading at 0.000006148 BTC with a gain of 9.45%
Source:XEM/USD on TradingView

The 4-hour technical chart of XEM price projects a downtrend. According to pivot points, XEM’s critical support level is placed at $0.32. Whereas if it moves up, the key resistance level to watch is $0.60. While diving into the weekly chart of a 4-hour time-frame, it completes a spinning top candlestick pattern. It means that neither buyers nor sellers could gain the upper hand.

SMA-20, 50 & 100 acts as another strong support in the coin. SMA-20 (purple) intersects below SMA-50 (white), which projects a bearish trend. The price is way below the SMA-100 (red). Investors may not perceive any positive crossover on the chart, the trend remains bearish for now.

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RSI indicator (BEARISH), with a value of 34, indicates a downtrend in the coin. Moreover, Investors can see an upward slope in the index from 21 to 34, it may soar in future trading sessions.

What is Symbol (XYM)

Symbol will connect business organizations, developers and individuals, empowering endless opportunities for blockchain. Symbol will decrease the expenses and intricacies in the existing process, and provides a platform for new business models and innovations, uniting engineers, tasks and enterprises to create mutual benefit and worth together. 

Symbol Launch May Push Price Further

XEM price traded at $0.36 with a gain of 1.76% in the last 24-hour and 46.51% down in the weekly time-frame. It is trading at the lowest levels so it is a great time to buy on dips. In contrast, the market capitalization stands at $3.247 billion.  Technically, investors may perceive a negative crossover in SMA. Moreover, the movement of price can be towards the resistance of $0.60 after a pullback from $0.32, Also the Symbol launch may push the price further.

Resistance: $0.60

Support: $0.32

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Nikhil Ingole
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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