XEM USDT NEM Technical Analysis

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By Frans van Elst

NEM logo In this NEM technical analysis, we will examine the current price action, trading volume, key levels and indicators for XEM-USDT. NEM is a blockchain-based platform that enables users to create and launch their own customized blockchains. With its unique Proof of Importance (POI) consensus algorithm, NEM allows for faster and more energy-efficient transactions compared to other proof-of-work algorithms. Additionally, NEM’s Smart Asset System enables the creation of a wide range of digital assets, making it an ideal platform for businesses and individuals looking to leverage blockchain technology.

NEM Price Overview:

As of June 17, 2024, NEM is trading at approximately 0.01596 USDT. Let’s dive into the detailed price action for XEM-USDT:

Unveil potential setbacks for NEM (XEMUSDT) at 1.60e-02 USDT through technical analysis, showcasing bearish trends, weakened support, and cautionary indicators.

Metric Value
Open (O) 0.01612
High (H) 0.0163
Low (L) 0.01484
Close (C) 0.01596
Volume (C) 39,583,978.00
  • Open (O): The opening price for today’s trading session was approximately 0.01612 USDT.
  • High (H): NEM reached a daily high of around 0.0163 USDT.
  • Low (L): The daily low for XEM-USDT was approximately 0.01484 USDT.
  • Close (C): At the time of analysis, NEM is trading near its daily close of 0.01596 USDT.
Metric Value
1D Change (%) -0.99%
3D Change (%) -12.45%
7D Change (%) -23.08%
30D Change (%) -58.82%
90D Change (%) -62.06%
YTD Change (%) -59.15%

Over the past three days, XEMUSDT has dropped by approximately -12.45%, showcasing increased market volatility. Throughout the last week, it continued to drop, with a loss of around -23.08%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with XEMUSDT maintaining a downward trend of approximately -58.82%, despite intermittent fluctuations. Examining the last 90 days, XEMUSDT has witnessed substantial decrease of approximately -62.06%, reflecting strong long-term confidence. Year-to-date, XEMUSDT has steadily declined by around -59.15%, attracting both institutional and retail investors and highlighting its potential as a long-term investment.

NEM Live Chart:

You can access a live price chart for XEM-USDT on various cryptocurrency market websites or trading platforms. These charts provide real-time data, allowing you to track price movements and indicators as they evolve.

Price Volatility and Momentum:

  • Volatility score is 1.08118.
  • Momentum score is -0.58578.

XEM USDT Technical Analysis

NEM Trading Volume:

The trading volume for NEM (XEM) over the past 24 hours has been insignificant, with approximately 39,583,978.00 USDT traded against XEM. Elevated trading volume often indicates increased market activity and can be an essential factor to consider in technical analysis.

Moving Averages:

  • 50-day Simple Moving Average (SMA): XEM is currently trading below the 50-day SMA, indicating short-term bearish momentum.
  • 200-day Simple Moving Average (SMA): NEM is also trading below the 200-day SMA, indicating a negative long-term outlook.

Relative Strength Index (RSI):

  • The RSI30 for XEM-USDT is currently in the extreme zone, around 27.44797. This suggests that NEM is in oversold territory.

Analysis from TradingView:

Our Key Takeaways:

NEM (XEM-USDT) is currently exhibiting signs of short-term bearish momentum, with key support and resistance levels in focus. Traders and investors should closely monitor the USDT monthly resistance level and the USDT support level for potential trading opportunities. Additionally, the extreme RSI and insignificant trading volume are extreme signals for potential reversal movement.

Unveil potential setbacks for NEM (XEMUSDT) at 1.60e-02 USDT through technical analysis, showcasing bearish trends, weakened support, and cautionary indicators.

Disclaimer: The information provided herein, including any technical analysis of cryptocurrencies, is for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or make any financial decisions.

Cryptocurrency markets are highly volatile and speculative. Past performance is not indicative of future results, and there are no guarantees of profit or protection against losses. Cryptocurrency investments are subject to significant risks, including but not limited to market fluctuations, regulatory changes, and technological vulnerabilities.

Technical analysis involves the use of historical price and volume data, patterns, and indicators to make predictions about future price movements. It is a subjective and speculative approach to market analysis and should not be the sole basis for making investment decisions.

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