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NEM Trading: XEM Boomed To $124 After Surging 50%, The Buyers Are In Play

NEM (XEM) Price Analysis – May 16

In the past five days of trading, NEM market has been maintaining an upward movement, gaining 150% after rising from $0.048 low. As of now, the cryptocurrency holds a market cap valuation of $897.6 million. However, the XEM markets trend in the same direction.

XEM/USD Market

Key Levels:
Resistance levels: $0.11, $0.124
Support levels: $0.08, $0.06

On May 10, the XEM market followed an upward movement after a reversal which saw the price action to the $0.124 level before plunging. A further bearish play may plummet price to $0.08 support. Beneath lies the $0.07 and $0.06 levels. The token is currently trading at around $0.095 level.

XEMUSD, 4H Chart – May 16

Since the market started to climb, the blue 21-day moving average has been supporting the market. As the bulls continued to gain control of the market, we can expect the next buying pressure at $0.11 and $0.124 resistance levels.

Considering the 4-hours MACD, XEM is revealed to be following a positive move. More so, the 4-hours RSI has been positioned in the oversold condition, attempting to fall.

XEM/BTC Market

Following the medium-term bearish move, XEMBTC double bottomed price at the 740SAT price level before crossing up the blue 21-day moving line yesterday, lasting the momentum to the peak of 1500SAT before a drop to 1100SAT. The positive move can be seen on the 4-hours MACD and RSI.

XEMBTC, 4H Chart – May 16

Currently, the RSI has reached the overbought area, ready to drop. The close support for a possible decline is the 1100SAT, 1000SAT and 900SAT levels. However, the bulls are in play. The next upward movement could propel price to revisit the 1400SAT and 1500SAT resistance levels.

Meanwhile, the MACD is still pointing higher at the positive zone. We can expect more price increase in the next few hours of trading. Break the 1500SAT surge level, the market may record another price level. For now, ETHUSD remained in a bullish trend.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.