During the low volatile crypto market, NEM prices performed remarkably in the past few days. For the past three weeks, buyers constantly celebrated an ascending trend as weekly price candles formed green candles.
On 27 February, XEM, the native token of NEM, shot up 54.24% in a single day. This remarkable price hike led NEM to maintain the gainer-of-the-day position. At press time, XEM coin price against the USDT pair is trading at $0.056 as per Coinmarketcap.
On 30 December, NEM coin traded at the 52-week lower level of $0.0273. Later, buyers followed the buying-on-dip strategy as market leader Bitcoin also started moving higher.
Amid recovery, NEM (XEM) recorded a nearly 100% gain since the new year. As well as price action overcame the ascending broadening wedge (indicated in the chart), but the price struggled at the $0.070 bullish hurdle.
In the intraday session, NEM struggled in a retracement, because bears found a reliable selling zone at 0.5 level of Fib retracement.
This price retracement could lead NEM price towards the previous swing high – $0.05 before and rebound.
Although there is no new fundamental development in the NEM coin, nevertheless the coin is surging upwards.
NEM coin has started trading higher over the 200-day exponential moving average (EMA) after 21 November 2021. This bullish sign cloud influences buyers to reach the conceptual round level of $0.10 ahead.
The overbought RSI shows little nervousness as its peak reaches below 70 level.
Also Read: Bitcoin Price Slipped below $22K, Correction or Crash?
