NEM [XEM] fails to resist bearish wave in crypto market: Technical Analysis
The last day of the year has begun with the cryptocurrencies following a bearish trend that pulled down NEM [XEM] to trade in red. As the bears cemented their footing in the crypto market space, buyers gradually retreated with the value of 16 most valuable digital currency nowhere near to cross its resistance level. The minor slid in Bitcoin [BTC] price affected the performance of the entire market with the major altcoins to move in a downward trajectory. This crypto succumbed to the bearish trend in the market and began trading in downtrend. In the last seven days, when the market attempted brief recovery, NEM [XEM] has stumbled almost 11% and fell nearly 12% in the past one month.
The token, at press time, is far from breaking out its key resistance level that is noted at $0.0711. The MACD indicates that the digital asset is dipped into the bearish zone. The 100 EMA line, at the time of writing, shows that the crypto is locked in a downtrend.
At the moment, the hourly RSI indicator is noted at 30.7, which indicates that the virtual asset has reached the oversold level in the market. The total market cap of the digital currency stands at $588.62 million, as per the data from CoinMarketCap. The coin has slipped nearly 5.70% against the U.S. dollar and is currently to be valued at $0.0652.
The digital asset has dropped almost 4.72% against Bitcoin [BTC] with one NEO worth around 0.00001697 BTC.
NEM [XEM] Latest Updates
Earlier in December, NEM had come forward for the patients of ”Dacha”, a Ukraine based rehab centre, via Cryptoheroes. This philanthropic initiative targeted to acquire New Year gifts for the cancer patients, which have ultimately met with success. The objective unified the NEM community members from all corners of the world rendering support to these sufferers. Spanning for a period of ten days, the project raised tokens exceeding 36,000 XEM that well surpassed the fund required for collecting the planned gifts. The team then channelised the remaining towards adding up to the fund for developing Dacha’s own house, which is the need of the hour for the children and their families suffering from the dreadful disease.
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