Does XEM pull back or not?1-Week Chart:
The weekly XEM chart shows more closely the 50-week moving average are the primary resistance levels and 100EMA is strong support for this bear market.
Earlier in the Febuary the XEM fell through support at the 5k level down to the 3.6k area. I think the XEM price can reverse course and push through the 5k level and then create the small descending trend line. There is resistance at the 5k and the 5.5k areas that need to be overcome.
From the chart, it looks like the price will continue to fall to test 3k, possibly the 2.5k levels and the 100-week moving average as support. It will be a number of weeks before we see a test of the 20/50-week moving average. To accomplish this, volume needs to be above average.
RSI is below 50 level. If it can rise above that level and stay there, then it will be a sign the uptrend. The MACD turned down through the nine-week moving average, a sell sign and it is still trending down, which is a negative sign.
3-Day Chart:
I expect we might be seeing the formation of a minor support level at the 3.6k area. Volume remains at low. The indicators are alomost at low points where they are more likely to move up giving a buy signal.
Right now the RSI is below 50, a sell sign. The MACD crossed through centerline and it turned down through its 9-day moving average giving a sell sign.
While volume is below average, the market need a spike to start uptrend.
1-Day Chart:
The daily price chart is a bit complicated as the RSI says the market is oversold. There is resistance at the 5.5k level and then the 20/50/100-day EMA line. Right now, volume has been trailing off, which is not a good sign for the market. Watch for above average buying volume as a sign the XEM will change the trend. Otherwise, we should expect a pull back.
RSI is below 30 indicating that the coin is on the oversold territory at least 8 days. The MACD is at a low point where it normally turns up. This means we are more likely to see a spike in the near future. These are the signs that the market is oversold, yet it can continue to fall for a while.
The XEM price is starting to set up a basing pattern, which is necessary before it can start a new bull market. Horizontal support at the lows and horizontal resistance at the highs form a basing pattern. This is a positive longer term and creates buying opportunities on price dips.
4-Hour Chart:
The 4-Hour chart shows the pause at the 3.6k level that began in late February. The break through the 3.5k level will indicate the downward continue. The next support is at the 3.3k level, which can being tested. Average volume has been declining,this is a normal situation before the price can start rise up.
RSI is below 50 indicating the downtrend. The MACD is turning up to the zero level, that can give us a buy sign.
The indicators are telling us the downtrend remains in tact,though they are nearing low levels where they normally signal a uptrend. It will be important to monitor the average volume, MACD and RSI, to gain an understanding of how the trend proceeds from here.
Conclusion:
I want to discuss the recent news about "Coincheck NEM Hack". At first, every exchanges have closed the XEM wallet, this is mean that hackers cant sell their NEM directly at exchange to destroy the price. Secondly, if the wallet closed with mean the other XEM holders cant deposit their digital asset to exchange until the situation with the stolen XEM is not solved. So we have a limited supply of XEM at exchanges which can be used to manipulate the price on the future news.
The hack is allways bad for digital assets because this is a cause of stress for investors and holders. I hope the XEM dev team will find a way to talk with hackers to back stolen funds.
For me strong signs are 100EMA support at 1W TF and Oversold at 1-Day chart.
