- NEM, after making a new 90-day low, shows a bullish move and gains over 33.94% over the last seven trading sessions
- After breaking the falling channel pattern, NEM showed the signal of reversal over the monthly chart
- However, the pair of XEM/BTC turns red with a loss of -2.51% stands at 0.00000831 BTC
NEM after recording the high of $0.1380 over the monthly chart, showed the bearish moment and making the low of $0.0888 and started to recover and gained about 33.94% in the last seven trading sessions. The coin gave a positive breakout from the falling channel pattern and is currently trading at the level of $0.1322 with an intraday gain of 0.75%. The volume of $26,397,243 supports it, and the market capitalization stands at $1,191,731,053.
The support level for NEM on the downside is placed at fib0.5 ($0.1122), and fib0.786 ($0.0985), which can be considered as the strong support of it, while on the higher side, the resistance is at $0.1365, and the significant resistance is of $0.1400. Over the weekly chart, the rising wedge pattern is observed heading for the breakout but trading near the minor resistance of $0.1365.
Overview of Technical Indicators Technical Levels Sustaining Bullish Region for XEM
The Relative Strength Index (RSI), after testing the overbought zone, gets corrected. However, holding above the neutral level of 50 currently trading flat with no sharp movement trading at 60.45. supports the quite bullish nature.
The Commodity Channel Index (CCI) after the sharp correction from the overbought zone settles near the neutral zone. It is currently trading flat near the overbought zone at 70.20.
The Moving Average Convergence & Divergence (MACD) overlapping the Bull’s line(blue) over the Bear’s line (red) with no precise crossovers., However, the red line’s significance is the blue line indicating the weakness in the coming trading sessions.
Support levels: $0.1122 & $0.0985
Resistance levels: $0.1365 & $0.1400