- The coin had dropped to $0.03 and is currently trading at $0.03377
- A bullish flag pattern was formed on the daily chart, with support seen around $0.02
- The digital asset could potentially rebound from this support level and resume a firm uptrend
Nem (XEM) coin price movement over the last 24 hours has been characterized by dynamic price ascent. Despite the negative sentiment permeating across the broader cryptocurrency markets, XEM has sustained a bullish trajectory that shows no signs of slowing down anytime soon.
At its lowest point, NEM (XEM) coin traded at just $0.03, but it managed to quickly rebound from this level and is currently trading at around $0.03377. The digital asset has also formed a bullish flag pattern on the daily chart, with support seen around $0.02. If this support level holds, XEM coin could potentially rebound and resume a firm uptrend that could see it trading significantly higher in the near future.
Nem coin technical indicators suggest the digital asset has been making higher highs after opening the trading session at $0.03174, with the highest price point reached at $0.03377. However, while it currently shows no signs of slowing down, there is always a possibility that this bullish momentum could be reversed in the event of negative market news or unforeseen circumstances.
Nem coin price analysis on the 4-hour and hourly chart shows the bullish momentum has decreased slightly, and the digital asset could potentially consolidate around its current level or retrace slightly as it awaits further market movements. The immediate support level to watch is around $0.032, while the immediate resistance level to watch is around $0.035.
XEM/USD 4-hour chart (Source: TradingView)
The relative Strength Index line on the 4-hour and weekly chart shows a bullish trend, which could indicate that the digital asset is set for further gains in the near future. XEM/USD pair is trading above the 21-day moving average, but is still below the 200-day moving average. The MACD line is showing a bullish signal, which indicates that the upward momentum will prevail in the near term.
The XEM/USD pair price movement on the daily chart shows a firm bullish trend with a price gap between the 50 and 100-day moving average. The Chaikin Money Flow line indicates money is flowing into the digital asset, indicating investors are bullish on its growth potential in the long term.
The post Nem Trades in a Bullish Trend Despite Negative Market Sentiment appeared first on Coin Edition.