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NEM / USD Technical Analysis: Pushing Forwards

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  • NEM has a bullish short-term bias, with the cryptocurrency steadily rising on the four-hour time frame
  • The XEM / USD pair is trading above the neckline of a bullish inverted head and shoulders pattern on the four-hour time frame
  • The cryptocurrency remains trapped within a descending price channel on the daily time frame

NEM / USD Short-term price analysis

 

NEM has a short-term bullish bias, with price trading above the cryptocurrency’s 200-period moving average and the neckline of a large inverted head and shoulders pattern on the four-hour time frame.

If bulls can maintain price above the neckline of the bullish pattern, the overall upside objective of the inverted head and shoulders pattern would take the XEM / USD pair back towards levels not seen since January 15th this year.

Technical indicators on the four-hour time frame are also bullish and show that buyers still remain in control over the short-term.

 

 

XEM / USD H4 Chart                                                                         (Source: TradingView)

 

 

Pattern Watch

Traders must keep price above the January 30th trading high in order to sustain bullish pressure in the short-term.

 

MACD Indicator

The MACD indicator on the four-hour time frame is rising and generating a strong buy signal.

 

Relative Strength Index

The RSI indicator is bullish on the four-hour time frame and is starting to approach overbought territory.


NEM / USD Medium-term price analysis

 

NEM retains a bearish bias over the medium-term, with the cryptocurrency still trading well below its 200-day moving average.

The daily time frame also shows the XEM / USD pair trapped within a descending price channel, with the recent rally helping the cryptocurrency to move away from key trendline support.

Technical indicators on the daily time frame have turned bullish, which could signal an eventual test towards the upper trendline of the price channel.

 

XEM / USD Daily Chart                                                                         (Source: TradingView)

 

 

Pattern Watch

As long as price remains within the descending price channel on the daily time frame, traders should expect the medium-term bearish trend to remain in play.

 

MACD Indicator

The MACD Indicator has turned bullish and is currently generating a strong buy signal on the daily time frame.

 

Relative Strength Index

The RSI indicator on the daily time frame is bullish, although it is approaching overstretched levels.


Conclusion

 

NEM is growing increasingly bullish over the short-term, with the cryptocurrency likely to post further strong gains while trading above the neckline of the bullish inverted head and shoulders pattern on the four-hour time frame.

The cryptocurrency’s medium-term outlook will remain bearish until the XEM / USD pair performs a sustained bullish break out from the descending price channel on the daily time frame.

 

For more information on NEM check out our introductory coin guide. Already familiar with the basics? Our DARE offers a deep dive into everything about NEM.

 

NEM Chart

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DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

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