On March 17, 2021, the Nem blockchain network became a two-chain ecosystem – Symbol and Nem. It is an initiative by the Nem community to move towards a new decentralized, tokenized, and digitized economy. Symbol is an advanced Proof-of-Stake (PoS) blockchain platform that will serve as a perfect meeting place for individuals, blockchains, and businesses. XEM is the native token of this two-chain platform. Subsequent XEM technical analysis are played by this change. Past Performance On March 24, 2021, the opening price of XEM was $0.37. As of March 29, 2021, the closing price was $0.37. Thus, there hasn’t been much change in the XEM price over the past week. The price trend has been neutral and in the last 24 hours, XEM traded between $0.35 – $0.39. https://ift.tt/3wcZzXh Days-Ahead and Tomorrow Currently, XEM is trading at $0.39. The price has risen from the opening price of $0.37. Thus, the market looks healthy. The A/D indicator is upward sloping. Thus, whale accumulation is higher than whale distribution. High buying activity will exert upward pressure on the price. Hence, we can expect the XEM price to go up further. The MACD and signal lines are positive. But, a bearish crossover by the MACD line over the signal line has occurred. Thus, we cannot rule out a price pullback amidst an overall rising trend. Currently, the RSI indicator is at 52%. It faced rejection at 55% and spiraled downwards. Thus, selling pressures are gradually increasing. Hence, a price pullback may be on the anvil. XEM Technical Analysis Currently, the price is inching closer to the second Fibonacci pivot resistance level of $0.3947 and will break out of it soon. By day end, irrespective of brief price pullbacks, we can expect the XEM price to surpass the third resistance level of $0.41, as the overall market is positive. The price has tested and broken out of the 23.6% FIB retracement level of $0.38. The XEM price may retest this level and fall below it for some time before resuming its upward journey again. To sum up, the bulls look strong and hence we can expect the price uptrend to continue tomorrow as well.
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