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XEM is the native token of NEM. It rose recently and attracted investors’ attention.The token has revived over 150% in the past two weeks.
From the bottom of $0.01040, the XEM token has taken a bounce and accumulated from there. A follow-up buying action could be spotted in the XEM token’s trajectory. XEM reached the make-or-break region near the 200-day EMA mark.
The XEM token traded within a significant range for the past few months and has underperformed the market. Since the beginning of June 2024, it has taken a wild downmove influence and has corrected over 70% in the last month.
XEM Token at Press Time
At press time, the XEM token price was trading at $0.02538 with an intraday surge of 6.02%, reflecting buying momentum on the charts. Its trading volume rose over 43.20% to $94.63 Million.
The pair of XEM/BTC was at 0.000000393 BTC, and the market cap was $121.59 Million. Analysts were neutral and suggested that the XEM price may extend the recovery and could trigger a breakout soon.
XEM Triggers a Rebound: Bullish Breakout Imminent?
The Daily chart of the XEM token implies a buyer accumulation and has gained traction. However, the 200-day EMA mark was still not breached, and buyers tried to escape the significant mark to register a breakout ahead.
Trader Cobb (@TraderCobb), a renowned crypto trader, tweeted that XEM, the old dog, showed a strong bull run.
The community has been pointed in the right direction again today.$XEM the old dog having a strong run.
— Trader Cobb (@TraderCobb) July 30, 2024
It was one of only 2 in my watch list this morning pic.twitter.com/1fXbfR7PvW
Interestingly, the token has breached its falling trendline and is on the brink of crossing the neckline barrier of $0.03000. Once the pivot breaches, a significant trend reversal can be seen ahead.
Notably, the traditional indicator, the RSI, showed a sharp vertical rise and reached the overbought zone, conveying a bullish stance. Likewise, the MACD indicator plotted the green bars on the histogram and guided the sustained buying pressure.
Nonetheless, the Money Flow Index (MFI) indicator moved to the north side, which implies the continued price rise.
Per the Fib retracement levels, the XEM token price has approached the 50% cluster and can take a pause there.
The downtrend can be extended below the 38.2% zone near $0.01700, while above the 61.8% zone near $0.03800, a fresh short-term uptrend can be seen ahead.
Social Dominance and Weighted Sentiment Showed an Uptick
With the price surge, the social media buzz for the XEM token revealed an uptick and soared by 8% this week. The value crossed the midline region, noted at 0.111%, highlighting the positive media discussions on the media platforms.
Its weighted sentiment data showed a significant revival. Still, the value stays below the zero line, noted at -0.161, reflecting the mixed cues among the investors.
Its futures Open Interest rose over 30.25% to $24.54 Million, which signifies a long buildup activity in the past 24 hours.
If the token fails to crack the 200-day EMA barrier, it may face rejection and could retest the downside support zone of $0.02000, followed by the $0.01860 mark.
If it crosses the immediate cluster of $0.02500, the next upside hurdle is around $0.03000, followed by $0.03200.
Undoubtedly, the token has given a sharp rebound from its bottom, but the key indicators guided an overbought outlook, and a significant dip can be seen for a smooth surge ahead.