NEM (XEM) price on the rise again

NEM (XEM) price on the rise again
Written by:
Ali Raza
4th July, 12:21
  • NEM saw a strong price rally in late January, and it reached its YTD high in mid-February.
  • After the price crash, NEM's earlier success was completely nullified.
  • Since then, the coin started surging again, only to end up trapped between two levels for months.
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NEM (XEM) price has been on the rise again over the last week, slowly but surely closing in on several minor resistances and beating them one by one. The coin has grown by 1.42% over the last 24 hours, and it appears to be on its way towards $0.045 level.

How did NEM perform in 2020

NEM saw relatively good performance in the first two months of this year. Its price was relatively calm during the first week of January, when it started testing up.

With no major barriers rejecting it straight away, the price started growing further up with more confidence. By early February, NEM was on a strong surge which led it from January’s $0.032 to February 14th’s $0.073.

Of course, that was when the market saw its first major bearish wave, and XEM price dropped to its new major support at $0.06. However, while it seemed like the support will be able to hold, it broke after about a week, causing the coin to sink further down.

A support at $0.045 managed to soften its drop, however, and NEM even start slowly inching back up. But, that is when mid-March had arrived, and with it, a price crash that knocked the entire market down.

XEM in a limbo

When the market crash hit, XEM found itself at the price of $0.054. However, after the drop, it sank all the way down to its support at $0.030.

It did see certain recovery after that, although it did not grow nowhere near as most other coins in the crypto industry. Instead, its growth took it up, past $0.035. This became its new strongest support. However, its growth was also limited by a strong resistance at $0.048.

For the past several months, XEM remained trapped between these two levels, constantly going up and down between them.

Over the past few days, the coin has been seeing another steady price growth which might take it to the mentioned resistance, or it might allow it to surge past it.

If that ends up being the case, those who purchased XEM might be glad to have made such a decision. However, the coin’s inability to breach the resistance over the past few months indicates that the price will likely just start heading down once more.

Conclusion

NEM started going strongly in January and February of this year, although it got trapped between a strong support and an even stronger resistance after the March price crash. Now, the coin is going from one level to another, trying to break out and leave the limbo it found itself in.

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