Home Crypto Crypto Market Analysis NEM Further Increase Could Be Confirmed

NEM Further Increase Could Be Confirmed

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NEM (XEM)

Market Cap. $3.05B

Circulating Supply: 9.00B XEM

Max Supply: 0 XEM

Volume (24h): $30.37M

 

The XEM/USD has lost the bullish momentum in the short term and now seems undecided. It has changed little since yesterday, but it maintains a bullish bias. Maybe the rate will make a minor consolidation before will move towards fresh new highs.

NEM Price

NEM (XEM) is trading much above the 0.30000000 psychological level and is somehow expected to resume the rebound in the upcoming period. NEM price has made a false breakout above the median line (ML) of the minor ascending pitchfork so that a minor decrease will be natural.

It should pressure the 50% Fibonacci line (ascending dotted line) of the minor ascending pitchfork and also the 0.35471335 static support. The perspective will remain bullish as long as the rate stays within the ascending pitchfork’s body. XEM/USD was expected to increase after the breakout above the downtrend line, but we still need a confirmation that we’ll have a broader upside movement.

Personally, I believe that only a valid breakdown below the lower median line (lml) could invalidate a further increase.

nem stock price

You can see on the H4 chart that the rate failed to reach and retest the median line (ml) signaling a minor exhaustion in the short term. It is still expected to increase further despite a minor drop. You can go long on this crypto if the rate will make a valid breakout above the median line (ml), or if will come back down to test and retest the lower median line (lml).

The next upside targets will be at the upper median line (uml) and higher at the Fibonacci retracement levels.

NEM Price Prediction Conclusion:

NEM (XEM) will become strongly bullish after a valid breakout above the median line (ml). NEM price prediction could consolidate the latest gains before will resume the upside movement. Personally, I really hope that we’ll have a fresh buying opportunity soon.

©Forex.Academy

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