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NEM Price Analysis XEM / USD: Loading The Catapult

Catapult is coming, but the technical outlook is uncertain.

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  • NEM has a neutral short-term-term bias, with the cryptocurrency yet to find a direction
  • The four-hour time frame shows that the XEM / USD pair is trapped within a neutral wedge pattern
  • The daily time frame continues to show price trading inside a sideways price channel

Fundamental Analysis

NEM is gaining momentum ahead of its Catapult upgrade. The project has recently launched a development studio to help with strategy and backend development. According to the President of Nem Foundation Alex Tinsman, “NEM Studios will be focused on creating a more user-friendly network that is built with the end-user in mind”. 


NEM / USD Short-term price analysis

NEM has a neutral short-term trading outlook, with the cryptocurrency still unable to find a clear directional bias.

The four-hour time frame is showing that the XEM / USD pair is trapped within a neutral wedge pattern, following false breakouts in both directions.

SIMETRI Research

Technical indicators on the four-hour time frame are mixed and are failing to generate a clear trading signal.

 

XEM H4 Chart June 28, powered by Trading View
XEM / USD H4 Chart by TradingView

 

 

Pattern Watch

Traders should wait for a clear technical confirmation of a breakout from the wedge pattern on the four-hour time frame.

Relative Strength Index

The RSI indicator is attempting to recover higher on the four-hour time frame, although it is technically bearish. 

MACD Indicator

The MACD indicator on the four-hour time frame is conflicted, with the MACD signal line and histogram generating opposing trading signals.


NEM / USD Medium-term price analysis

NEM has a bullish medium-term trading outlook, with the cryptocurrency still trading well above its trend defining 200-day moving average.

The daily time frame shows that the XEM / USD is still trapped within a large sideways price channel, with bulls struggling to move the cryptocurrency into a higher price range.

Technical indicators on the daily time frame are mixed and are currently failing to provide a clear trading signal.

 

XEM Daily Chart June 28, powered by Trading View
XEM / USD Daily Chart by TradingView

 

Pattern Watch

Traders should note that a large inverted head and shoulders pattern can also be seen on the daily time frame.

Relative Strength Index

The RSI indicator on the daily time frame has a slight bullish bias, although the trading signal is fairly weak.

MACD Indicator

The MACD Indicator is currently neutral on the daily time frame and failing to generate a clear trading signal.


Conclusion

Short and medium-term indecision is currently weighing on NEM, with traders increasingly unsure which way the cryptocurrency is likely to break.

A fundamental catalyst may be needed before the XEM / USD pair picks a clear directional bias and breaks free from its current neutral trading stance.

 

Check out our coin guide for NEM to get a quick glance of the essentials.

For a deeper dive, our DARE for NEM is available.

NEM Chart

 

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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The Analyst Team
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