NEM Trading: XEM Boomed To $124 After Surging 50%, The Buyers Are In Play

Share On Facebook

NEM (XEM) Price Analysis – May 16

©

 

 

In the past five days of trading, NEM market has been maintaining an upward movement, gaining 150% after rising from $0.048 low. As of now, the cryptocurrency holds a market cap valuation of $897.6 million. However, the XEM markets trend in the same direction.

 

 

 

XEM/USD Market

 

Key Levels:
Resistance levels: $0.11, $0.124
Support levels: $0.08, $0.06

 

 

On May 10, the XEM market followed an upward movement after a reversal which saw the price action to the $0.124 level before plunging. A further bearish play may plummet price to $0.08 support. Beneath lies the $0.07 and $0.06 levels. The token is currently trading at around $0.095 level.

 

 

Since the market started to climb, the blue 21-day moving average has been supporting the market. As the bulls continued to gain control of the market, we can expect the next buying pressure at $0.11 and $0.124 resistance levels.

 

 

Considering the 4-hours MACD, XEM is revealed to be following a positive move. More so, the 4-hours RSI has been positioned in the oversold condition, attempting to fall.

 

 

 

XEM/BTC Market
Following the medium-term bearish move, XEMBTC double bottomed price at the 740SAT price level before crossing up the blue 21-day moving line yesterday, lasting the momentum to the peak of 1500SAT before a drop to 1100SAT. The positive move can be seen on the 4-hours MACD and RSI.

 

 

Currently, the RSI has reached the overbought area, ready to drop. The close support for a possible decline is the 1100SAT, 1000SAT and 900SAT levels. However, the bulls are in play. The next upward movement could propel price to revisit the 1400SAT and 1500SAT resistance levels.

 

 

Meanwhile, the MACD is still pointing higher at the positive zone. We can expect more price increase in the next few hours of trading. Break the 1500SAT surge level, the market may record another price level. For now, ETHUSD remained in a bullish trend.

 

 

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20190522 22:56:43