NEM blockchain is looking strong already over Q3, delivering on a number of new international developments that’s sure to get XEM traders excited.
Today in the news, the NEM Foundation announced the project’s planned expansion into Australia and New Zealand with the installation of 2 new blockchain hubs. The news follows NEM Malaysia opening their new center in Kuala Lumpur on July 6th.
NEM has remained solid along a strong support at 2,500 Sats during the last six days, after unsuccessfully testing the 0.382 resistance in an earlier bull run. On the indicators we are starting to see bullish momentum build again despite the asset moving sideways. Could this be an early signal that the bulls are about to run for a second time? Let’s take a closer look.
Diving into the XEM/BTC chart over 3hr candles, we can see NEM’s price action has been showing little signs of breaking off the current 0.618 support lately, but the indicators are telling us a different story.
Looking at the asset’s momentum, money flow and moving averages over a 2hr range, we can see a number of promising signs that bulls are collecting for an imminent reversal.
- 25 EMA is crossing over 50 EMA, which is a fairly good indication of short-term momentum building.
- Chaikin Money Flow (CMF) has risen well above the zero line, which tells us that the candles are closing higher above their opening prices.
- MACD is about to break back over the signal line for the first time in 9 days.
- RSI has been climbing consistently too, and now is passing through the middle of the index channel.
- On the Ichimoku indicator, we can also see a bullish T/K crossing with candles about to converge through the resisting Kumo cloud stretching out ahead of the price action. This, too, is a good confirmation of a trend reversal.
NEM (XEM) Price Prediction
All ROI’s are set from the 2,575 Sat level where the asset is currently valued.
Price Target 1: Retracement to the 0.5 fib level at 2,633 Sats (2.25% ROI)
Price Target 2: Continuation to the 0.382 fib level at 2,753 Sats (6.91% ROI)
Price Target 3: Collection at support and then a further push to the 0.236 fib level at 2,902 Sats (12.70% ROI)
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