NEM Price Prediction: XEM Tumbles 2% in a Day – What Factors Are Behind This?

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NEM price at 7:26 a.m. EST is $0.025, with a 0.3% increase in the past 24 hours. Its price gain in the last seven days is 2.0%, showing a slight value addition for the asset.

Also, its trading volume is up by 17.37% in the last 24 hours, hinting that trading activity is rising in the ecosystem. NEM’s chain halt created chaos in its ecosystem and a general lack of investor interest. This is likely the reason behind its previous losses.

A further postmortem can be found here: https://t.co/NMsJWsBQ5I

— NEM (@nemofficial) March 28, 2023

Even with the price gains today, investors are still uncertain about its price trend in the coming days.

NEM Fails to Recover After Chain Halt

A further postmortem can be found here: https://t.co/NMsJWsBQ5I

— NEM (@nemofficial) March 28, 2023

NEM experienced a chain halt in the first quarter of 2023 after the production of block 4129631, causing all transactions on the blockchain to halt. According to the post-halt analysis, an unexpected trade entering the Unconfirmed Transaction cache triggered the bug. However, when the transaction expired, block production returned to normal.

Consequently, NEM recorded limited activities within its ecosystem with a gradual decline in its price gains. This will likely negatively affect its price long-term, and current payments will probably be temporary.

Also, the ecosystem has limited social media activity, with the last Twitter post on April 21. Limited responses also show fading investor interest as more viable projects burst on the crypto scene.

XEM Price Chart Shows Limited Trading Activity

XEM is in a sideways trend on the daily chart today, showing signs of slight stability after its price decline between August 15-17. However, the tiny candles formed on August 18 suggest limited trading activity for the token due to fading investor interest.

XEM dropped from $0.029 on August 10 to $0.024 0n August 24. Although it records slight gains today, it will likely struggle to break above its closest resistance level.

XEM is trading below its 50-day and 200-day Simple Moving Averages (SMA), expressing a bearish sentiment in the coming days. It implies that more traders will likely sell their tokens for fear of a potential price drop and liquidation of long positions.

The Relative Strength Index (RSI) is close to the oversold region with a value of 36.44. However, its sideway motion also reflects the trend and lack of sufficient trading volume for the token.

With the present slump, the RSI will likely drop into the oversold zone as more investors begin shortening their tokens.

Also, the Moving Average Convergence/Divergence (MACD) is below its signal line, confirming the bearish sentiment. The MACD’s Histogram bars fade from red to reflect today’s slight gains.

However, the bears will likely return due to insufficient buy pressure to force a rally.

Bears at $0.025 Resistance Limit XEM’s Price

XEM is trading below the $0.025 resistance level as the bears continue to limit its price. XEM’s price dropped below the $0.029 support level on August 15, tuning it to resistance, and a rapid decline moved it to rest on the $0.023 support level on August 17.

If the bears persist and the support level fails to hold, a freefall to $0.0001 might repeat, similar to the July 10 low trading session. A falling wedge pattern occurs between August 15- 17, showing that the bears are still in control of their price and will likely force further retreat.

The price performance of this asset indicates rising FUD levels among investors and their weakening resolve to sustain its price gains. XEM presents a potentially tricky market situation for its users since predicting its next price moves is complicated based on fading interest.

However, judging from the indicators, sellers will likely dominate XEM’s open positions in the coming days, resulting in further price decline.

Investors should note that cryptocurrency trading is risky due to the volatile nature of the market. Therefore, a combination of in-depth research and proper risk management techniques is highly essential for successful traders.

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