- NEM price is currently in a Demand zone with a gain of 1.87% in the daily time frame. In contrast, NEM/BTC pair is seeing a gain of 0.84%
- NEM price has seen a gain of 87.38% since the start of the year. NEM symbol launch has made no effect on price.
NEM was announced in 2014-15 by a group of three programmers. NEM overall maintenance and promotion is managed by the NEM group. The most important feature of NEM is N1S1 blockchain which is run by the Proof Of Importance Algorithm as opposed to POW and POS.
NEM price has accompanied a gain of 87% since its inception.This gain is very less as compared to its competitors in blockchain.
XEM is currently ranked 33rd with a market capitalization of $3,378,560,608. Volume of the coin ($246,969,513) has seen a drop of 4.94%.The ratio of volume and market capitalization is 0.0784, and If it crosses above 0.8, then a strong bull rally can be seen.
Technical Indicators Suggests An Consolidated Move For The NEM Price Action
NEM price is trailing at $0.3755 with a gain of 1.10% in the intraday session. XEM coin will face resistance ongoing upside at $0.60 and a bounceback from $0.30. NEM weekly chart suggests a bearish momentum. The daily chart of the coin suggests a consolidated momentum. It is trading below 50 and 100 Moving Average. The 50MA (yellow) is at $0.472, making it temporary resistance for the coin. On coming to the shorter time frame of the 4hour chart, the price is moving inside the Demand zone. If the price breaks 5 to 10% above the zone, then a strong bullish rally can be seen.
RSI(Bearish): It is trailing at 46.99 marking its presence in the neutral zone. There is a small negative slope formation in the RSI, which showcases bearish momentum. If the RSI crosses above 55, then a strong bullish rally can be seen.
Conclusion
NEM coin has various interesting features but these have not made it to gain a substantial amount of return. The symbol launch was also ineffective for the price. NEM has good fundamentals but the price has failed continuously to report it. Investor should do their due diligence before investing
Technical Levels
Major Resistance:$0.60
Major Support: $0.35
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