- NEM joined the bullish rally along with other cryptocurrencies.
- The XEM coin jumped about 29.18% over the past month.
- This coin’s price closed at $0.03275 with a gain of 2.57% in the past 24 hours.
The NEM coin price has been witnessing a bullish rally since mid-October, along with other major cryptocurrencies. The token price has been holding the upper threshold of $0.0320 and constantly forming higher highs and lows. There is no bearish intervention has been observed during this time, as the price flow was substantially upwards.
In mid-August 2023, the XEM price hit an all-time low at $0.0200 after it faced a strong push by the bears. It plummeted from the resistance of $0.0296 to the all-time low, which caused a drop of roughly 32%. However, the NEM bounced up on the next session but stuck in a consolidation ranging between $0.02800 and $0.02333 level.
The XEM token price exhibited a surge of 29.18% over the past month. The bullish pressure lifts the price above the all-significant exponential moving average. If the bulls sustain the uptrend and the 50-day EMA crosses the 200-day EMA, it could showcase a golden cross pattern in the upcoming sessions. On the other hand, if the bears take over and break below $0.2800, it could lead to a deeper correction phase in the price. Moreover, the current scenario suggests a rise in the participation of buyers, as the buyers dominate the trading volume. Although bearish traders have increased in the past few days. They have failed to challenge the bullish dominance though.
The NEM token price today is $0.03275, with a 24-hour trading volume of $5.10 Million. XEM token’s price surged 2.57% in the last 24 hours. It has a circulating supply of 8.999 Billion XEM coins and a market capitalization of $293.68 Million.
Will The Uptrend Sustain?
On the 1-Day chart, XEM/USDT has been trading in an uptrend momentum as the bulls are constantly forming higher highs and lows. The 50-day and 200-day EMAs sloped upwards. It indicates a higher possibility of attaining a golden cross pattern soon. The RSI is trending just around 77.39, suggesting that the bulls are completely controlling the market. The RSI has entered in the overbought territory, which shows bold strength and the stronghold of buyers. The CMF is firmly trading at 0.32, as the price action consistently closes above the bar’s midpoint on increasing volume. The CMF denotes that more accumulation has taken place.
Conclusion
The XEM token price joined the bullish party along with other major cryptocurrencies in mid-October. It has been experiencing an uptrend trajectory, consistently forming higher highs and escapade the previous consolidation. The technical parameters favor the buyer’s side as the price hovers above all exponential moving averages. Moreover, the RSI is currently in the overbought zone, and the CMF trades far above the 0 mark.
Technical Levels
- Major resistance: $0.04450 and $0.07085
- Major support: $0.02235 and $0.02000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.