- NEM Token is struggling near its vital moving averages over the monthly chart, while volume activity is lower and needs to improve sharply.
- Presently, the coin is trading sideways after a good recovery from the lower levels, and NEM is facing slight resistance of 100-DMA lines.
- The pair of NEM/BTC is trading at 0.000002855 BTC with an intraday gain of +1.70%, and the ratio of NEM/ETH is CMP at 0.00004332 ETH with a 24-hour change of +1.35%.
NEM token over the monthly chart is presently trading sideways, after a sharp rally from the lower levels. Meanwhile, the volume activity is average and falls below its average volume line, which needs to grow strongly. NEM token is currently trying to suppress its major moving averages of 20, 50, and 100-day lines and requires more volume activity. We can expect a strong bullish rally if the coin manages to sustain above its all DMA lines of 20, 50, 100, and 200-day lines. Soon we can expect a sharp up move in upcoming sessions once the token volume increases.
The breakout above $0.2000 with supportive volume activity will boost the bullish move to $0.2500. Support on the lower side is $0.1620 and $0.1340, whereas resistance on the higher side is $0.1980 and $0.2480.
NEM token has given a breakout from the channel pattern, now trading sideways
NEM token over the weekly chart is has given a breakout from the falling channel pattern and now trading sideways. Meanwhile, technical parameters are heading lower and also projecting a slightly mixed trend. Volume at the 4-hour time frame is lower and needs to improve sharply for an upcoming bullish move. NEM price is trading at $0.1772 with an intraday dip of -1.15%, and the volume to market cap ratio is0.03546.
Relative Strength Index (BEARISH): NEM token RSI is heading lower after declining from the lower levels. In contrast, the coin is trading sideways and projects slight caution with longs and RSI at 51.
Moving Average Convergence Divergence (MIXED): The daily chart projects a neutral trend at the 4-hour time frame. At the same time, the buyer’s signal line (green) and the seller’s line (red) overlap each other.
Support levels: $0.1620 and $0.1340
Resistance levels: $0.1980 and $0.2480.