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XEM coin price is under a consolidation range resulting in the abruption of the uptrend and entrapment of bullish momentum.
NEM (New Economy Movement) is an ecosystem of platforms that use blockchain and cryptography to provide solutions for businesses and individuals. XEM is the native cryptocurrency of NEM’s NIS1 public blockchain. NEM claims that the proof-of-importance system ensures that the network can identify and reward those that actually use it the most.
Let us now take a look at the technical analysis of NEM cryptocurrency.
Past Performance of XEM
NEM Token price found demand near the lower level of $0.135 mark. Thus, resulting in an uptrend leading the price higher to the $0.18 mark. However, the supply met near the $0.18 led to a sideways movement. Hence, generating the current consolidation phase between $0.18 and $0.165.
Traders can get a profitable entry spot upon breakout of either side. It is due to the underlying momentum having a considerable potential trapper under the accumulation phase.
Source - Tradingview
XEM Technical Analysis
XEM cryptocurrency is currently at $0.1764. Additionally, the cryptocurrency has decreased by 0.26% in the last 24 hours. Thus, reflecting the loss of momentum. Moreover, the price movement lacks volume support. Hence, indicating the loss of interest among traders.
As per the price action analysis coupled with the pivot points in the daily chart, the following levels can play a crucial role. The zones near $0.15 and $0.135 can provide support if a bearish breakout of $0.165 occurs. On the opposite side, the zones near $0.21 can revert the prices in case of a bullish breakout.
MACD and signal lines on the 4-hour chart trend climb above the central zero mark. Moreover, the lines maintain a positive alignment due to the recent bullish crossover. Hence, the indicator gives a bullish signal for XEM crypto.
The RSI indicator shows a rise in underlying bullishness with the price action. Thus, the possibility of a bullish breakout increases. However, traders must wait for the price action breakout confirmation before giving in to FOMO.
Upcoming Trend
As per the technical analysis, the underlying bullishness of XEM crypto is overtaking the trend one step at a time. However, the desirable entry spot is at the bullish breakout of the $0.18 resistance zone.