NEM (XEM), or the New Economy Movement, wants to develop a smarter and more technologically-advanced blockchain. It positions itself as being not just another altcoin, on not just another blockchain. XEM price has surged by more than 20% in the past weeks and expects to continue this trend. Past Performance of XEM The opening price of XEM (Nem) was $0.44 on February 24, 2021. As of February 23, 2021, the closing price of XEM was $0.53. Thus, the XEM price has surged by approximately 20% in the past week. In the last 24 hours, the XEM price is fluctuating between $0.44 and $0.74. https://ift.tt/2ZK8fFL Technical Indications for the Day-Ahead and Tomorrow The opening price of XEM was $0.54, today. XEM is currently trading at $0.55. Thus, the market looks bullish. The price is closer to the upper Bollinger band. This implies that buying activity is higher than selling activity. The A/D line is steadily rising too. Thus, accumulations are more than distributions. High buying volumes will exert upward pressure on the XEM price. Presently, the RSI indicator is at 54%. A few hours back, it touched the 30% mark. Thereafter, it has been rallying. However, it faced a bearish swing rejection at 70%. In short, there is a tussle between the buying and selling pressures in the market. Hence, we can expect intermittent price pullbacks amidst an overall bullish trend. The MACD and signal lines are positive but very close to the zero line. They may turn negative soon. A bearish crossover by the MACD line over the signal line gives further credence to bearish market momentum. Thus, a price pullback is on the horizon. However, the ADX indicator is continually falling. It means the bullish trend is weakening. The market is losing breath. Currently, the price is below the Fibonacci pivot point of $0.57. If the price falls below the first Fibonacci pivot support level of $0.45, in some time, then probably a trend reversal has occurred. The current price is below the 61.8% FIB retracement level of $0.55. If the price does not retest this level and break out of it by the end of the day, then the beginning of a bear-run is indicated. In that case, the market will be bearish tomorrow. If the price closes above $0.55 today, then the bull-run will continue tomorrow as well.
The post XEM Needs to Push Beyond $0.55 – Technical Analysis appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
