NEM Price Analysis: Will XEM Surge to hit $0.042


  • XEM gained approximately 1.6% within the last 24 hours.
  • XEM faces medium-term resistance at $0.044.
  • First support level for NEM is at $0.039.
  • XEM price flashes signs of bullishness on 7-days price chart.

03 October 2022 : 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 -1.34 percent, bringing the entire cryptocurrency market to $936,641,496,110. The total trading volume stands at $53,445,285,048. Bitcoin shares 39.68 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,387.90 level after an upward movement of 0.98%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 1.66 percent reaching to $1,318.93 during the previous 24 hours.
While publishing this blog, BNB traded at $287.28, following a price change of 1.46% within the same time frame. XRP the native coin of XRP is down by -1.95 and currently trading at $0.45. Additionally, Cardano reached $0.42 after seeing a uplift of 0.01% 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 $0.042 Support Level 1 $0.039
Resistance Level 2 $0.044 Support Level 2 $0.037
Resistance Level 3 $0.046 Support Level 3 $0.035

NEM Performance

The daily chart of NEM shows that the XEM price has surged up with a 1.6% increase in past 24 hours. The price value of the NEM (XEM) coin is standing at $0.041 with market capitalization $365,058,986.00 USD. XEM price changes 1.75% over the week while the trading volume is hovering around $14,676,448.00 USD.

NEM Price Analysis

XEM price analysis for 03 October 2022 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) 0.040 Buy
Exponential Moving Average (10) 0.040 Buy
Simple Moving Average (20) 0.041 Sell
Exponential Moving Average (20) 0.041 Sell
Simple Moving Average (50) 0.044 Sell
Exponential Moving Average (50) 0.044 Sell

XEM has a nearest resistance of $0.042. A bullish breakout in this resistance level would boost the uptrend momentum. The buyers could then target the resistance R2 placed at $0.044. Alternatively, if the investors turn against the NEM (XEM), the bears might control the market and take XEM price below the crucial support level of $0.039. While XEM’s Williams %R indicator is at -37.084 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. 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. RSI implying near overbought phase while trading at 51 and is trying to break out of the neutrality zone.

Conclusions

There had been a positive trend for some time and it seems that the coin will continue it upward movement as long as it remains in the green area. You should only acquire crypto right now if you're prepared to book profit through short-term market moves.