- The price of NEM is trading between the levels of $0.8000 and $0.1000.
- These Doji and Spinning tops contribute to the consolidation of price action.
XEM /USD Medium-term Trend: Ranging
- Resistance Levels: $0.1000, $0.1100, $0.1200
- Support Levels: $0.0800, $0.0700, $0.0600
Last week the price of NEM had continued to trade in a sideways trend. The price of NEM is trading between the levels of $0.8000 and $0.1000. The 12-day EMA and 26-day EMA were trending horizontally in between the price range. The presence of small body candlesticks outnumbered the larger ones. The candlesticks describe the indecision between the buyers and sellers at the current market price.
These Doji and Spinning tops contribute to the consolidation of price action. The crypto also has choppy price action. The support and resistance levels are not determinable. Nevertheless, the price of NEM is in the oversold region of the daily Stochastic but above 20% range. This indicates that price is in a bullish momentum and a buy signal.
XEM/USD Short-term Trend: Bullish
On the 1-hour chart, the price of NEM is in a bullish trend zone. The 12-day EMA and the 26-day EMA are trending northward. The price of NEM is facing resistance at the $0.0940 price level On June 8 and 9, the bulls tested the $0.09400 resistance level and were resisted’
Meanwhile, the stochastic is in the overbought region above the 60% range. This indicates that price is in a bullish momentum and a buy signal.
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