NEM Trading: XEM Boomed To $124 After Surging 50%, The Buyers Are In Play
NEM (XEM) Price Analysis – May 16
In the past five days of trading, NEM market has been
maintaining an upward movement, gaining 150% after rising from $0.048 low. As
of now, the cryptocurrency holds a market cap
valuation of $897.6 million. However, the XEM markets trend in the same
direction.
XEM/USD Market
Key Levels:
Resistance levels: $0.11, $0.124
Support levels: $0.08, $0.06
On May 10, the XEM market followed an upward movement after a
reversal which saw the price action to the $0.124 level before plunging. A
further bearish play may plummet price to $0.08 support. Beneath lies the $0.07
and $0.06 levels. The token is currently trading at around $0.095 level.
Since the market
started to climb, the blue 21-day moving average has been supporting the
market. As the bulls continued to gain control of the market, we can expect the
next buying pressure at $0.11 and $0.124 resistance levels.
Considering the
4-hours MACD, XEM is revealed to be following a positive move. More so, the
4-hours RSI has been positioned in the oversold condition, attempting to fall.
XEM/BTC Market
Following the
medium-term bearish move, XEMBTC double bottomed price at the 740SAT price
level before crossing up the blue 21-day moving line yesterday, lasting the
momentum to the peak of 1500SAT before a drop to 1100SAT. The positive move can
be seen on the 4-hours MACD and RSI.
Currently, the RSI has reached the overbought area, ready to
drop. The close support for a possible decline is the 1100SAT, 1000SAT and
900SAT levels. However, the bulls are in play. The next upward movement could
propel price to revisit the 1400SAT and 1500SAT resistance levels.
Meanwhile, the MACD is still pointing higher at the positive
zone. We can expect more price increase in the next few hours of trading. Break
the 1500SAT surge level, the market may record another price level. For now,
ETHUSD remained in a bullish trend.
Please note: insidebitcoins.com
is not a financial advisor. Do your own research before investing your funds in
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your investing results.
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