•NEM/USD is currently priced at $0.045 and has increased by 1.61% over the past day
•The trading volumes have decreased by 50.00% over the past day
•The technical indicators suggest a continuation of the downtrend
Short Term View: Bears drag NEM price down
The NEM price today is $0.045408 USD with a 24-hour trading volume of $9,837,615 USD. NEM is up 1.61% in the last 24 hours. The trading volumes have decreased over the past day amid a shortage of buyers in the market whereas the Volume to Market Cap Ratio stands at 0.02407 for the altcoin.
NEM Coin is on a downward spiral and is currently transacting significantly below it’s all time high of $2.09 which it scaled on Jan 04, 2018. The bearish sentiment prevailing in the market is depicted by NEM price currently transacting below the 20, 50 SMA on the 4 hour chart. NEM Coin is currently transacting above the support zone of $0.040. Failure to hold the support could see the altcoin drop further.On the flip side, the resistance is placed at $0.050 on the other end of the spectrum. If the altcoin continues holding this support, we could start seeing a move towards the aforementioned resistance level.
Long Term View for NEM
The relative strength index (RSI) for NEM is currently transacting in the neutral territory, sitting poised at 45.94, indicating a minor advantage to the bears. This occurred after the asset was engulfed with bearish pressure and tumbled down below the halfway mark. On the other hand, the red histograms are increasing in size on the daily chart, suggesting mounting selling pressure. The MACD line continues to trade below the signal line on the daily chart, reinforcing the strength of the bears.
Conclusion
The NEM price action inside the range is likely to remain volatile. A new trending move could be expected after the price breaks above or below the range. However, the decrease in trading volumes along with price reduction suggests that the downtrend is likely to persist for some time.
Support: $0.040
Resistance: $0.050
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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