XEM/USD To Develop Upside Progress

The currency pair has lost more than one percent in the past 24 hours. NEM has broken through the descending trend line during the weekend but still remains flat. The buyers are hesitating to take further steps and the sellers are unable to push XEM/USD lower.
Let’s have a closer look at the situation on the Hourly chart. The currency pair has crossed the resistance area at $0.2002 but failed to stay above this level and declined below. XEM/USD stays within horizontal range in the moment of writing. The possible ways for the currency pair are the following:
1. Red scenario (bearish). XEM/USD will test the support area at $0.1873 and break it through targeting the next support area.
2. Orange scenario (neutral). NEM will stay within the current range, limited by the resistance area at $0.2002 and the support area at $0.1873.
3. Green scenario (bullish). The currency pair will break through the current resistance area at $0.2002 and move higher targeting the next resistance at $0.2121.

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