The Nem blockchain network became a two-chain ecosystem – Symbol and Nem, in March 2021. It was an initiative by the Nem community to build a new decentralized, tokenized, and digitized economy. Symbol is an advanced Proof-of-Stake (PoS) blockchain platform that serves as a common meeting ground for individuals, blockchains, and enterprises. XEM is the prime governance token of this network and its technical analysis is as follows:
Past Performance
On Jun 19, 2021, XEM opened at $0.15. On Jun 25, 2021, XEM closed at $0.11. Thus, in the past week, the XEM price has declined by roughly 36%. In the last 24 hours, XEM has traded between $0.104 – $0.118.
Day-Ahead and Tomorrow
Currently, XEM is trading at $0.108. The price has decreased from the day’s opening price of $0.11. Thus, the market seems bearish.
The MACD and signal lines are turning negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is becoming bearish. Hence, we can expect the price to fall further.
Currently, the RSI indicator is at 53%. It faced rejection at 43% and rose to the current level. Hence, buying pressures are mounting. High buying activity will exert upward pressure on the XEM price.
Moreover, the OBV indicator is also rising steadily. Thus, buying volumes are higher than selling volumes. High buying activity will push the price further up.
In short, the RSI and OBV oscillators have given positive signals, whereas the MACD indicator has given negative signals. Thus, as of now, the overall market momentum is bullish. However, we have to wait and watch if intermittent price pullbacks are market corrective action or signs of an impending downtrend.
XEM Technical Analysis
Currently, the price is above the Fibonacci pivot point of $0.107. It may soon rise above the first Fibonacci pivot resistance level of $0.109. Thereafter, we have to wait and watch if the price rises further or starts falling again.
The price may soon test and break out of the 76.4% FIB retracement levels of $0.107. The price may break out of the 61.8% FIB retracement level of $0.109 as well. By day close, if the price retests and falls below these levels, then probably a price downtrend has set in. In that case, the price may continue to increase tomorrow as well.
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