Nem (XEM) is a blockchain ecosystem with dual layers. It is another unique addition to the DeFi sector with its own blockchain solution known as Symbol. Past Performance On March 5, 2021, XEM started trading at $0.70. As of March 11, 2021, the closing price of XEM was $0.59. Thus, the XEM price has dropped by approximately 16%, in the past week. In the last 24 hours, the XEM price has been fluctuating between $0.53 – $0.64. https://ift.tt/3qHq2sd Day-Ahead and Tomorrow Currently, XEM is trading at $0.60. The price has increased slightly from the opening price of $0.59. However, in the past week, the price has been steadily declining. Hence, it is too early to say that a trend reversal is on the horizon. The OBV indicator is steadily rising after a sharp drop three hours back. Thus, buying volumes are slowly picking up. Hence, we can expect the price to go up. The MACD and signal lines were in the negative region for almost two hours. However, a few minutes back, they crossed above the zero line and turned positive. Hence, the overall market momentum seems bullish. A bullish crossover by the MACD line over the signal line gives further credence to a positive trend reversal. A few minutes back, the RSI indicator was in the ‘overbought’ region. Thereafter, the RSI started falling and is currently at 59%. Buying pressures are still high and hence we can expect the price to rise further. Currently, the price is at the Fibonacci pivot point of $0.586. As the oscillators have pointed towards a positive trend, we can expect the price to rise up to the first resistance level of $0.63, in some time. XEM Price Analysis Presently, the XEM price has tested and fallen below the 76.4% and 61.8% FIB retracement levels of $0.61 and $0.60 respectively. Thus, the positive signals given by the indicators may be market price corrections amidst an overall price downtrend. A trend reversal is confirmed if and only if, the price retests and breaks out of the 76.4% FIB retracement level by the end of the day. In that case, we can expect a price uptrend tomorrow as well.
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