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- The NEM crypto asset has shown remarkable bullish behavior and performed well in the past three months, implied a stable upward direction.
- The XEM is displaying bearishness and now, a falling tendency as it plunged below the 20-day EMA mark.
NEM is a blockchain platform that was launched in March 2015. It was one of the first in the cryptocurrency industry, and tried to fix the flaws found on other chains at the time.
It was one of the first non-turing complete chains to have user-defined tokens (called mosaics), namespaces, multisignature accounts, and a P2P reputation system based on EigenTrust++.
Its most considerable and necessary assistance to the space is the proof-of-importance (P-O-I) consensus mechanism protocol, which has an objective to reward the on-chain activity and dissuade the accumulation of wealth often seen with proof-of-stake.
NEM has a global community. It is mostly used as an alternative form of payment for businesses and vendors. It has various social media apps built on top of it in Japan, such as Nemgraph, a community-owned and operated alternative to Instagram.
In December 2021, NEM was hard forked by a hidden team of cryptocurrency experts and fans alike. Named Harlock, this hard fork showed the community’s goal to take NEM from a faded version of itself to the world’s top payments platform for on-chain and off-chain media content.
NEM Chart Analysis: What’s Next?
The NEM crypto asset has expressed wonderful bullish behavior and performed well over the past three months, implying a stable upward direction, the performance soared by 42.73% in the span of time.
However, after reaching the supply level (or) the yearly high, the XEM price was bearish. If it falls further, then the chart will demonstrate poor performance in future sessions.
Moreover, the XEM crypto chart shows weakness as the price movement was restricted at the critical level of around $0.04000 on the chart. Now it seems like the NEM crypto is close to a big fall, as it meets the resistance level and could also dive to new lows from the current zone.
Earlier, the NEM crypto asset was displaying bullishness and its rising tendency as it was moving upwards while sustaining above the major trend EMAs.
However, the situation changed when the price hit the supply range. XEM asset is displaying bearishness and now, a falling tendency as it plunges below the 20-day EMA. It could slide more and consume supporting EMAs as well.
In addition, the NEM crypto asset is displaying bearish characteristics and the RSI and MACD is falling smoothly, implying that the asset is losing momentum and can achieve new depths.
However, if the NEM crypto price fails to stay above the $0.03000 level, it could decline further.
Alternatively, if the demand for the NEM increases by a high amount and jumps the supply range, the XEM asset price could bounce back from the current level. The next goal for the NEM price is to reach $0.05000.
Summary
The XEM crypto has been showing a sign of weakness as the price movement got restricted at the critical level of around $0.04000 on the charts.
Now, it seems like the NEM crypto is almost at a big fall, as it meets the resistance level and could dive to new lows from the current zone. If the NEM crypto price fails to stay above the $0.03000 level, it could decline further.
Technical Levels
Support Levels: $0.03000
Resistance Levels: $0.05000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
