NEM Price Analysis: XEM looks positive for near future?


  • The current trading volume of NEM is at $145,697,446.00.
  • NEM gain bullish momentum over the past week gaining 12.35%.
  • XEM/USD trades near $0.034.
  • Support for the bears has been established at $0.037

02 December 2023 : In this article we will walk you through NEM price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for NEM, Is XEM a good investment? NEM support & resistance levels etc. But before diving deep into the XEM technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $1,453,409,548,401. The total trading volume stands at $50,287,917,384. Bitcoin shares 52.1 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $38,715.31 level after an upward movement of 2.71%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 1.95 percent reaching to $2,091.87 during the previous 24 hours.
While publishing this blog, BNB traded at $228.38, following a price change of 0.41% within the same time frame. XRP the native coin of XRP is up by 1.25 and currently trading at $0.61. Additionally, Solana reached $60.11 after seeing a uplift of 1.85% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

NEM Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of NEM (XEM)

XEM Resistance Levels XEM Support Levels
Resistance Level 1 $0.040 Support Level 1 $0.037
Resistance Level 2 $0.041 Support Level 2 $0.036
Resistance Level 3 $0.043 Support Level 3 $0.034

NEM Performance

The daily chart of NEM shows that the XEM price has surged up with a 20.96% increase in past 24 hours. The price value of the NEM (XEM) coin is standing at $0.034 with market capitalization $305,823,207.00 USD. XEM price changes 12.35% over the week while the trading volume is hovering around $145,697,446.00 USD.

NEM Price Analysis

XEM price analysis for 02 December 2023 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the NEM.

Moving Averages Price Indicator
Simple Moving Average (10) 0.039 Sell
Exponential Moving Average (10) 0.039 Sell
Simple Moving Average (20) 0.040 Sell
Exponential Moving Average (20) 0.040 Sell
Simple Moving Average (50) 0.041 Sell
Exponential Moving Average (50) 0.041 Sell

While XEM’s Williams %R indicator is at -59.438 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. RSI implying near oversold phase while trading at 34 and is trying to break out of the bearish zone. The XEM/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. The NEM has break all its supports levels and things are not looking good for the crypto market. Currently, bears are in control of the market and successfully take XEM price below the crucial support level of $0.037.

Conclusions

The NEM market is shown signs of being optimistic, and buyers have the potential to drive prices of the cryptocurrency higher in the next few days. The price of XEM is expected to break above its resistance level of $0.040. On the other hand, if NEM broke out from the bullish pattern and led its way toward support level of $0.037.