NEM [XEM] inches down as bears settle in market: Technical Analysis
On Saturday, as the bears took over the crypto market, the major altcoins dipped to trade in red with NEM experiencing downward trajectory. Aligning with the performance of the top altcoins, the 17th most valuable virtual currency in terms of its market cap is currently following a sluggish momentum. With a drop in Bitcoin value, the entire market declined. Previously, NEM [XEM] failed to fare well in the market with the coin tumbling almost 10% in the last seven days and plunging nearly 19% in the past one month.
The digital currency is trading an inch below its key support level that is noted at $0.0576. The MACD, at press time, suggests that the digital asset is trading in the bearish territory and the 100 EMA line shows that the virtual asset is following a downtrend momentum.
At the moment, the hourly RSI indicator is traced at 44.7, which implies that the digital asset is facing a high selling pressure in the market. The cryptocurrency has slid almost 3.21% against the U.S. dollar and is currently trading $0.0571. According to the data from CoinMarketCap, the overall market value of the cryptocurrency stands at $514.24 million.
The coin has fell down nearly 2.41% against Bitcoin [BTC] with one XEM valuing about 0.00001566 BTC.
NEM [XEM] 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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