NEM [XEM] breaches $0.0376 key resistance as it approaches the overbought territory
Well, it has been a week of relative calm and stability and most of the coins have shown marginal movement since Monday. This is in total contrast to the volatility associated with the cryptocurrency market. But during the same time period, the total crypto market cap lost another $3.5 billion of its value and now stands at $112 billion. While most of the coins including Bitcoin [BTC], Ethereum [ETH], and XRP have shown marginal movements, Binance Coin has stormed into the top 10. Bitcoin [BTC] is still hovering around the $3450 mark and is finding it difficult to move around the $4000 mark. The crypto market has been hit hard by the bear attack, but then also some coins are doing well. One such coin that is doing well among all the ruins is XEM, which has surged up by nearly 10 percent in the past 24 hrs. The total market cap of the cryptocurrency stands at $0.34 billion.
At the time of press, XEM is up by 10.02 percent and valued at $0.037991. The total market cap of the digital asset stands at 0.34 billion and the coin has found support at $0.0346 and is trading above it. The coin registered a 24-hr trading volume of $16.8 million while registering a growth of 10.02 percent. The coin also saw a spike in price after the news of NEM foundation releasing its funding proposal was made public. At the time of print, XEM has breached the key resistance at 0.0376 and is trading well above it at 0.03813. The hourly RSI indicator stands at 67.9527 and the coin is fast approaching the overbought territory. The MACD suggests that the coin is in the bullish zone and the 100 EMA line shows an upward trend.
At the time of print, XEM is up by 9.68 percent and one XEM is equivalent to 0.00001110 BTC.
In an interesting development on Wednesday, the NEM Foundation proposed a new funding request to the NEM community. The request is for 210 million XEM tokens, approximately $7.35 million, at the time of writing. According to the proposal, the funding will be utilized for the operation of the foundation for a year from February 20, 2019.
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