NEM Price Analysis: When Will Nem Token Downtrend Ends?

  • NEM token is trading under the bearish chart pattern and slipped below all vital moving averages
  • The digital asset is trading below 50, 100 and 200-day moving averages, while struggling near the 20-DMA line
  • The pair of NEM/BTC is trading on bullish note at 0.000003863 BTC with intraday gains of +8.71% and the ratio of NEM/ETH is at 0.00006135 ETH with positive growth of +7.40% in the last 24-hours. 

Source:tradingview

NEM token has been trading on bullish note since past few trading sessions, while gaining good bullish momentum from lower levels. However, the overall chart setup is still bearish as the coin is trading below the major moving averages. 

Whereas, NEM token is trading below the 50, 100 and 200-DMA line, while facing a minor hurdle of 20-day short term moving average. The closing of day candles above 20 and 50-DMA will indicate the entry of bulls with good volume and the sustainability above 200 and 100-DMA will create more bullish momentum in upcoming trading sessions. Support on the lower levels is at $0.1020 and $0.08570; whereas, the resistance on the higher side is at $0.1850 and $0.2400. 

NEO Token is Trading Inside the Rising Channel Pattern

Source:tradingview

NEO token over the weekly time frame is trading inside the rising channel pattern with support of super volume action. The volume over the 4-hour time frame increases rapidly and jumps above the average line. Either side breakout will generate good momentum in upcoming trading sessions and now technical parameters indicate mixed trend. Currently, NEO token is trading at $0.1297 levels with an intraday gains of +4.04% and the volume to market cap ratio at 0.0542.  

Relative Strength Index (BULLISH): NEO token RSI presently projects bullish momentum over the weekly chart. In contrast, the RSI is heading towards the overbought zone with a gradually bullish momentum CMP at 58.    

Moving Average Convergence Divergence (MIXED) currently indicates a Mixed trend on the daily chart. This is because the seller’s line (red) and the buyer’s signal line (green) overlap. 

Support levels: $0.1020 and $0.08570 

Resistance levels: $0.1850 and $0.2400. 

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