NEM Price Analysis – XEM/USD
The fourteenth largest cryptocurrency, NEM having its market cap stands at the level of $613,445,237, 11:13 UTC on December 07 has experienced downward slope since its all-time high level that it attained in August this year. As we can analyze from the graph above, the current value has dipped by 39% relative to November 12 level.
Now, let’s look at the technical picture of the XEM/USD pair as follows:
The falling 20-day EMA represent the fact that the bears have the upper hand. Amid this, both moving averages that best can be observed from the analytics above have turned down significantly which is a negative sign, and they represent the “downtrend” in value. The XEM/USD pair remains in a bearish trend in its medium-term outlook as the competitive factors, macro fundamentals, and the strong bearish pressure has successfully dropped in current value by making it the lowest low of the day before exhaustion set in. Now that the entire crypto market becomes sluggish in terms of wearing bearish trends, and that no bullish patterns that suggest a buy, hence, it is best to remain on the sidelines. With this, traders should wait for the trend to reverse and a bottom to form before initiating any long positions in it. However, those that would like to invest in this currency, the current fall offers an excellent opportunity to invest in the long term.
Amid the entire scenario, the XEM/USD pair remained range bound from October 12 to November 11 this year as the cryptocurrency rallied from a low of $0.089 to a high of $0.1475 which is a 65.7 percent return within 30 days. While analyzing the current trends in value, if bulls attempt to bounce off the current resistance level which stands at $0.069, and rebound at $0.1000, the uptrend will create the new range, and the investors’ sentiment will be likely to buy more of the currency. Based on the current trend, the next support level can be estimated at $0.070.