XEM worth might dip beneath $0.60 if bulls fail to take management quick time period
Holders of NEM will obtain 1 XYM for every XEM token held throughout the Image airdrop
NEM worth has dipped almost 12% up to now 24 hours to the touch lows of $0.59. Over the previous week, the cryptocurrency’s worth towards the US greenback has dropped by over 25%. If the costs drop additional, XEM/USD might commerce plunge beneath $0.59 and contact costs final seen on 1 March 2021.
On the time of writing, NEM is buying and selling at $0.63 however with a bearish outlook on the 4-hour chart. The token might be set for just a few drab days even because the group inches nearer to the Image (XYM) airdrop.
In line with the group behind NEM, the beforehand postponed airdrop will happen on 15 March, with a snapshot of the blockchain scheduled for 12 March. Through the token giveaway, those that opt-in will obtain 1 XYM token for each XEM token they maintain.
Amongst exchanges which have introduced help for the airdrop are Poloniex, Gate.io, and Bitpanda.
NEM has didn’t get well above $0.66, the 0.618 Fibonacci retracement degree of the swing from $0.53 low to $0.87 excessive. That is after a pointy sell-off noticed costs decline beneath the help line of a descending triangle sample on the 4-hour chart.
Bulls must push increased and breach the resistance on the above worth degree to retake management. That will put XEM/USD on target to retest the 0.5 Fibonacci retracement degree ($0.70). The 20-day EMA can also be at present stationed at $0.69, suggesting an upside break alongside a broader rally out there will possible propel the pair in direction of the 0.382 Fib degree ($0.74).
Above this, bulls might goal $0.80 and the latest peak at $0.87.
Quite the opposite, XEM/USD might see additional declines quick time period if the worth drops beneath $0.60. The MACD (4-hour chart) has crossed into the bearish zone with a sloping RSI is printing oversold. Whereas bulls might benefit from tiring sellers, this can possible come after costs dip decrease earlier than seeing a recent upside.
The hourly chart reveals bears are largely in cost. XEM costs stay nicely beneath the 100 and 200 SMAs. There’s additionally a bearish flag sample formation whose affirmation would see XEM/USD dip in direction of the $0.60 help.
The above perspective might name for extra promote orders, with the added strain forcing bulls to defend positive aspects close to the earlier help zone at $0.53.