NEM (XEM/USD) - Waiting For The Big Move Upwards!
Updated
Currently, the price is below the round number $0.1 which works as a resistance. NEM' has managed to break above the nearest down-trendline which now work as a support! This is a pretty significant sign because NEM' has been on the big downtrend and it has not shown any big recoveries and big pumps.
Remember what Ripple' did, it exploded and from a technical perspective, one possible reason was this that it was very far from the major down-trendline (not as other altcoins), so as NEM' right now, it is also far away from the major down-trendline and the possible pump may happen soon if the market starts to show some stability!
To be bullish we have to break above the round number and we have to make a short-term higher high (the green box higher high confirmation box). Those first steps will guide us to the higher levels:
* Blue line around $0.116 - it is historically worked support and resistance level and the price have made reversals and stops in this price level.
* Second one is around $0.14 - there we start to catch some monthly levels and we need pretty good power to push through because there comes into the play also the 200 EMA
* The final target would be the major down-trendline. (+100%)
To confirm bearishness and the area where You want to consider to sell Your NEM's would be the red box. If we get a candle close below the main counter trendline and below the "nearest down-trendline" then it would be bearish confirmation and NEM' would probably go and test the lower levels!
Hopefully, those levels and this analysis helped You out a little bit to confirm your own analysis and if You want to get deeper analysis and crypto-news then please visit our site, the link is on the profile!
Please, don't forget to hit the LIKE button to support us!
Best regards!
Remember what Ripple' did, it exploded and from a technical perspective, one possible reason was this that it was very far from the major down-trendline (not as other altcoins), so as NEM' right now, it is also far away from the major down-trendline and the possible pump may happen soon if the market starts to show some stability!
To be bullish we have to break above the round number and we have to make a short-term higher high (the green box higher high confirmation box). Those first steps will guide us to the higher levels:
* Blue line around $0.116 - it is historically worked support and resistance level and the price have made reversals and stops in this price level.
* Second one is around $0.14 - there we start to catch some monthly levels and we need pretty good power to push through because there comes into the play also the 200 EMA
* The final target would be the major down-trendline. (+100%)
To confirm bearishness and the area where You want to consider to sell Your NEM's would be the red box. If we get a candle close below the main counter trendline and below the "nearest down-trendline" then it would be bearish confirmation and NEM' would probably go and test the lower levels!
Hopefully, those levels and this analysis helped You out a little bit to confirm your own analysis and if You want to get deeper analysis and crypto-news then please visit our site, the link is on the profile!
Please, don't forget to hit the LIKE button to support us!
Best regards!
Trade closed: target reached
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