As most cryptocurrency markets start moving up again, there is genuine excitement in the air. Especially the NEM price appears to be doing quite well lately.
NEM Price Pushes Higher
It is always interesting to see how different cryptocurrency markets evolve. Some altcoins suffer from extremely volatile price swings on a regular basis. NEM or XEM, on the other hand, has had a very slow and steady week. There have been no price drops to speak of, but only higher values attained.
It is unusual to see such a “normal” chart among altcoins. The NEM price is growing as one would expect to see at any given time. For a project with little to no hype surrounding it, investors continue to show great interest. As such, it appears to be a matter of time until $0.05 is reached accordingly.
Despite low trading volume, there doesn’t appear to be much resistance across exchanges. Traders primarily rely on ZB, OKEx, Zaif, Binance, and Exrates. XEM/USDT, XEM/JPY, and XEM/BTC are the popular trading pairs for today. All in all, nothing hints at a trend reversal in the near future.
XEM/USDT Technical Indicators
Bollinger Bands: For the time being, the NEM price shows no signs of closing Bollinger Bands. That is a good sign, as it confirms there is no real accumulation going on. Extensive accumulation often hints at a potential price trend reversal. That is far from the case for XEM/USDT, albeit it will depend on how Bitcoin performs.
Moving Averages: Plenty of interesting action taking place here.The XEM/USDT price successfully moved above the MA200. The MA20 remains firmly above the MA50, and should cross the MA200 in a week or so. Very bullish indicators to continue the slow but steady uptrend.
RSI: XEM has been in slightly overbought territory for a while now. Albeit that may seem worrisome to certain traders, it doesn’t have much of an impact on this particular crypto asset.
Fibonacci Retracements: It is remarkable how the NEM price has simply engulfed the 50% Fib level completely. A massive bullish candle forms just as this level is hit. Albeit there has been a heavy push to $0.0506, that level cannot be sustained just yet. Only normal, as it would break the 61.8% Fib level in the same go. That will have to wait, for now.
Resistance Levels: The next Fib level will be the first key resistance. It sits at $0.0467 and will remain a threshold with some volatility to come. Further down the lines, reaching $0.0505 is the logical objective, but that is a key Fib level too.