The currency pair has added more than five percent in the past 24 hours but this is nothing more than a simple correction as XEM/USD established new lows during the weekend. XEM/USD stays below the descending trend line in the moment of writing.
When we zoom in the Hourly chart we can see that the price has tested the support area at $0.1459 during the weekend but failed to jump over it. The buyers have driven the currency pair higher later and the price is above the support area at $0.1539 currently. The possible ways for NEM are the following:
1. Red scenario (bearish). The currency pair will cross the support area at $0.1539 targeting the next support at $0.1459.
2. Orange scenario (neutral). XEM/USD will stay within the current range limited by the resistance at $0.1682 and the support at $0.1539.
3. Green scenario (bullish). NEM will break through the resistance area at $0.1682 and move higher targeting the next resistance at $0.1873.
Check the full crypto analysis HERE>>>.
When we zoom in the Hourly chart we can see that the price has tested the support area at $0.1459 during the weekend but failed to jump over it. The buyers have driven the currency pair higher later and the price is above the support area at $0.1539 currently. The possible ways for NEM are the following:
1. Red scenario (bearish). The currency pair will cross the support area at $0.1539 targeting the next support at $0.1459.
2. Orange scenario (neutral). XEM/USD will stay within the current range limited by the resistance at $0.1682 and the support at $0.1539.
3. Green scenario (bullish). NEM will break through the resistance area at $0.1682 and move higher targeting the next resistance at $0.1873.
Check the full crypto analysis HERE>>>.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.