XEM (NEM/BTC) Technical Analysis 07 July 2017
Important NEM/BTC price levels to watch,
All time high – 0.00013980 (19 May 2017)
All time low – 0.00000024 (15 December 2015)
XEM (NEM/BTC) price remains tight after slightly weaker on yesterday trading. Last traded at Ƀ0.00006500 on poloniex market, almost unchanged on previous session. The marketcap stood at $1.5bn with sluggish trading volume. There were just over 18 million XEM or $3.8 million worth of volume on last trading. XEM in top cryptocurrency ranking drops to seventh after losing the 6th spot to DASH which had risen 15% on the last few days.
XEM price continued the bearish pattern since reaching the record high on May. The price was on steady decline from the strong resistance level of 0.00007500. The price swings to lower range but managed to pull back from psychological level of 0.00006248 on few occasions. NEM is contending in the descending flag pattern and the breakout could see dictate the next trading direction. The price is seen well-support along the 0.5 Fibonacci. Yet the lacking of buying volume remain a potential risk. NEM/BTC still in danger losing the bullish momentum if it falls below 0.00003580.
The DMI and MACD indicators signaling further signs of ranging market for the seeable future. While NEM development outlook continued to be robust yet the current price and trend are largely still depends on cryptocurrency performance. The speculative activities have cooled down after frenzy waves of record spike in most cryptocurrencies for the last two months. In the long run, NEM is still one of the asset that I deem ‘useful’ and has the higher survival chances.
✘ Price stubbornly stays above 0.618 level, preserving the uptrend channel
✘ MACD line is crosses above whiffing emergence of buyers
✘ DMI signalling shor term weakness and ranging market
Some Critical Price Levels
R1 – 0.00007600 (0.5 Fibonacci Retracement Level)
R2 – 0.00008800 (0.382 Fibonacci Retracement Level)
R3 – 0.0001015 (0.236 Fibonacci Retracement Level)
Crucial Support Levels
S1 – 0.000060 (0.618 Fibonacci Retracement Level)
S2 – 0.00003580 (0.786 Fibonacci Retracement Level)
S3 – 0.00002100
BTC Exchanges and Charts With XEM #NEM Trading
✘ Hit BTC
NEM #XEM Links
⇢ Official NEM Website
⇢ NEM Wallets
⇢ NEM Nodes
⇢ Twitter @NEMofficial
⇢ Reddit r/nem
Please let us know what your thoughts on this latest cryptocurrency sensation and update us if you have any insights in the comment section below.
Chart via tradingview, data source from HitBTC and Poloniex.
The author is a self-described cryptocurrency activist. Ironically, he is not involved directly on the development and mining. But a keen trader that specifically studying and analyzing the chart and prices based on zen principles of candlesticks price action techniques. And most importantly, he is always prone to deceiving price movements that can exposes to trading losses. So trading based on his personal opinions is extremely risky and not advisable.