NEM [XEM] faces seller pressure with onset of bearish phase: Technical Analysis
The gloomy period is back again in the cryptocurrency landscape as performance of the coins tremble to push NEM [XEM] to trade in red. With the bulls gradually retreating after gaining foot for a short span, the digital assets have begun moving in downward spiral. The 16th most valuable digital currency in terms of its market value failed to resist the pressure from the sellers. With a fluctuating market scenario over the last few days, NEM has tumbled almost 15% in the past one week and slipped nearly 7% in the period of a month.
The MACD indicates that the virtual asset is trading into the bearish territory and at the time of writing, the coin exhibits downtrend, as evidenced by the 100 EMA line. A newly formed resistance level is formed at $0.0574 and the coin is trading below the level.
At the moment, the hourly RSI indicator is marked at 47.9, which indicates that the digital currency is facing quite high seller pressure. As per the data from CoinMarketCap, the total market cap of the coin stands at $511.25 million. The virtual asset has moved down almost 0.63% against the U.S. dollar to be valued at $0.0568.
At the time of writing, the token has fallen by 0.04% against Bitcoin [BTC] with one NEM equivalent to 0.0000155 BTC.
NEM Latest Updates
Recently, in Argentina, the NEM Foundation has entered into a memorandum of understanding (MoU) agreement with the journalists belonging to a local trade union. The primary objective of this association is the developement of a solution enabled by the blockchain technology for safeguarding copyright.
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