NEM (XEM/USD) declined, but looks very promising

NEM has lost almost eight percent in the past 24 hours. The currency pair followed its rivals on Tuesday and declined significantly. However, I’m far from thinking that this downtrend will develop as there is no fundamental reason for this.

NEM reached the support area at $0.1561 on Tuesday and stopped there. I think it is time for an upside correction at least. The currency pair is close to its monthly lows and has almost no room for further decline. Moreover I believe that this downside momentum is temporary.
My current target is at the resistance area at $0.1883. I think the currency pair is likely to reach it in the couple of days.

Checkthe full crypto analysis HERE>>>.

All trading ideas every day on CryptoComes:

Everything about blockchain and crypto, Live 24/7 on CryptoComes:

Follow me and trade smarter with our insides!

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.