- The trading volume has surged by 75% in the past 24 hours.
- The XEM price has departed from the 20-day EMA and is heading towards the 200-day EMA.
Based on the technical chart, the XEM price has been declining due to resistance from the trendline. The price has been extended to the crucial level of breakout. The price had formed a ‘shooting star’ candlestick, but buyers were strong.
With a sharp bearish move, the NEM (XEM) price lost 58% in June. However, the XEM crypto price has recovered from recent losses.
The NEM crypto was traded at $0.025 at press time, which jumped by 7.71% in the past 24 hours. The market capitalization was $242.29 Million, and the 24-hour trading volume was $98.83 Million. The circulating supply and the total supply is 8,999,999,999 XEM.
Is XEM in the Right Direction?
The community has been pointed in the right direction again today.$XEM the old dog had a strong run.
— Trader Cobb (@TraderCobb) July 30, 2024
It was one of only 2 in my watch list this morning pic.twitter.com/1fXbfR7PvW
Based on a source on X, the community has pointed the XEM in the right direction today (at press time). XEM crypto has a strong bull run, per the chart structure. We should keep an eye on the NEM crypto momentum.
Will the XEM Price Trigger a Breakout from the Trendline?
The XEM crypto price has declined over the past few months due to resistance from the descending trendline. The price has lifted to the trendline at press time with a strong buying momentum of 100% in 3 weeks.
Suppose the price triggers a breakout from the trendline; sellers near the trendline might panic. The elevation in the trading volume may boost the bullish trend, and the price may keep surging.
Alternatively, if the NEM crypto price faces resistance from the trendline, profit booking for the short term can be anticipated. Assuming the price starts trading below the 20-day EMA, a bearish trend for the long term can be expected.
Regarding the technical indicators, the crypto asset price has advanced the 20-day EMA and is heading for the 200-day EMA. The histograms have remained green even in the consolidation phase, and the signal line wanders over the zero line.
Technical Analysis of XEM Over 4-H Timeframe
In a 4-H time frame, the price has been rising by taking support on the 200-day EMA. After a bull run, the price triggered a pullback by supporting the trendline and surpassing the recent high.
Suppose the XEM price fails to continue the bullish trend and slips below the 20-day EMA, sellers may dominate further.
Will the XEM Price Rise or Sink Further?
The XEM price has shown a significant surge and has the potential to trigger a breakout from the trendline. If this breakout occurs, the bullish momentum may continue, leading to further price surges. However, if the price faces resistance from the trendline and drops below the 20-day EMA, a bearish trend for the long term can be expected. It is crucial to monitor the price movement closely and observe whether it sustains its bullish momentum.
Technical Levels
The bullish trend in XEM crypto is expected to disturb near the $0.0350 and $0.0500 levels. The price may take support at $0.0200 and $0.0135 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
