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NEM Price Analysis XEM / USD: Short-term Bounce

POLONIEX:XEMUSD   NEM / US Dollar (calculated by TradingView)
NEM / USD Short-term price analysis
The XEM / USD pair has a bearish short-term trading outlook, with the cryptocurrency still trading well below its 200-period moving average on the four-hour time frame.

The four-hour time frame shows that the bearish breakout from neutral wedge pattern has reached its full downside projection, prompting a minor technical reversal.

Technical indicators on the four-hour time frame are attempting to move higher alongside the recent near-term recovery in the XEM / USD pair.

Pattern Watch

Traders should monitor technical tests back towards the neutral wedge pattern.

Relative Strength Index

The RSI indicator is rising on the four-hour time frame, although it has yet to turn technically bullish .

MACD Indicator

The MACD indicator on the four-hour time frame is bullish , with both the MACD signal line and histogram generating buy signals.

NEM / USD Medium-term price analysis
NEM has a neutral medium-term trading outlook, with the cryptocurrency currently probing towards its trend defining 200-day moving average.

The daily time frame shows that an extremely large inverted head and shoulders pattern remains valid, despite the recent decline in the XEM / USD pair.

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



XEM / USD Daily Chart by TradingView


Pattern Watch

Traders should note that dip-buying is still favored while the large inverted head and shoulders pattern on the daily time frame remains valid.

Relative Strength Index

The RSI indicator on the daily time frame is attempting to recover, although the indicator remains technically bearish .

MACD Indicator

The MACD Indicator is conflicted on the daily time frame, with the MACD signal providing a sell signal while the histogram turns higher.

Conclusion
NEM is undergoing a strong technical rebound after the recent bearish breakout reached its overall downside objective.

If XEM / USD buyers can continue to defend the pair’s 200-day moving average, the bullish pattern on the daily time frame still has a high probability of unfolding over the medium-term.
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