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NEM Price Analysis: NEM Bounced well From the Rising Trend line and Holding 200-DMA

  • NEM after a sharp sell-off from higher levels, now indicating a bounce back from the rising support line
  • The coin slipped below the major moving averages of 20, 50, and 100-Day while holding the crucial moving average of 200-DMA
  • Pair of NEM/BTC is trading flat with no significant price action CMP at 0.000006494 BTC with intraday loss of -6.69%

TradingView

NEM Price trading near major support zone.

NEM price over the monthly chart is trading near the major support zone. After a sharp sell-off from higher levels, the coin is now indicating some sign of stability near the rising trend line and 200-DMA. On looking towards the volume recorded less than the average volume, no significant price movement is expected. Presently NEM price is trading below all the major moving averages of 20, 50, and 100. However, it successfully sustains above the 200-DMA, which is acting as strong support levels on the lower side. Support on lower levels is placed at $0.32 and $0.28. Meanwhile, resistance on the higher side is situated at $0.42 and $0.58. 

TradingView

Trading Sideways after fall: NEM Price

NEM price over the 4-hour time frame is trading sideways, after a sharp fall from a new 52-week high. NEM over the weekly chart is trading range-bound between $0.31 to $0.40. Support on the lower side is placed at $0.36 and $0.32. Likewise, resistance on the higher side is situated at $0.42 and $0.48.currently, NEM is trading at the price level of $0.38 with an intraday loss of -4.02%, volume recorded in the last 24-hour is dropped nearly -14.45%, standing at $340,417,631.  

Relative Strength Index (BULLISH) indicates bullish momentum while trading at 53.62. However, it is heading towards the overbought zone after recovering from lower levels.  

Moving Average Convergence Divergence (BEARISH) currently indicates a bearish trend on the daily chart, as it is trading with the significance of the seller’s line (red) over the buyer’s signal line (green). However, both lines overlap each other, and the clear crossover is not visible. 

Support levels: $0.32 and $0.28 

Resistance levels: $0.42 and $0.58. 

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