A lot of the cryptocurrency markets show plenty of volatility once again. The NEM price is trying to continue its overall uptrend, albeit there have been a few hurdles along the way.
Overcoming the ups and downs is crucial in the cryptocurrency industry. For NEM, the overall uptrend has remained intact, but there is still a long way to go.
NEM Price Push Continues
It is not uncommon for alternative cryptocurrencies to start moving up at the beginning of a new year. January 2020 has been incredibly kind to most crypto assets so far. Virtually all markets saw an uptrend of sorts, with NEN moving up rather significantly. So much even that the NEM price has effectively gained nearly 29% in the past 30 days.
Most of the gains have been recorded in the past seven days. That is normal, albeit most markets took a significant hit this week. The NEM price dropped from $0.039676 to $0.036074. Ever since, it has continued to climb higher, which is all most traders can ask for. Sustaining the $0.04 level will now become the next objective.
In terms of trading volume, alternative markets are usually all over the place. For NEM, there is nearly 10% of its market cap in trading volume over the past 24 hours. Most of the volume comes from ZB and OKEx (USDT trading) as well as Binance and Exrates (BTC pairs) and Zaif (JPY trading). A very promising collecting of exchanges and trading pairs for traders to take advantage of.
NEM/BTC Technical Indicators
Bollinger Bands: There is still plenty of Bollinger Bands-based activity on the $h NEM/BTC chart. Not entirely abnormal, as this uptrend seemingly remains in effect without too many problems. As such, it seems unlikely that any lasting bearish pressure will materialize throughout the day.
Moving Averages: A very bullish situation becomes apparent when looking at the current moving averages. The MA20 is still in a bullish crossover with the MA50. Both are in a bullish crossover with the MA200 as well. That is often a sign of an ongoing bull trend which is not slowing down just yet. Very interesting indication of future NEM price momentum to keep an eye on.
RSI: Similar to most other cryptocurrencies, NEM is in slightly overbought territory. That is not a problem right now, yet it may be in the future. Despite dropping slightly into normal territory again yesterday, the overall momentum continues the upward trend.