Since the start of 2021, XEM (NEM) coin has been surging. As per recent news, NEM is going to launch a symbol blockchain on March 15, 2021. At the time of migration, investors can expect to get an XYM balance equivalent to their existing XEM balance. This news has been driving the XEM demand in the last few days. The positive impact is likely to continue after the launch of the new blockchain as well.

Past Performance of XEM

On February 25, 2021, XEM opened at $0.53. As of March 4, 2021, XEM closed at $0.79. Thus, in the past week, the price has surged by approximately 49%.

In the last 24 hours, XEM has traded between $0.73 – $0.84.

https://www.tradingview.com/x/ChNjdjRI

Technical Indications for the Day-Ahead and Tomorrow

Currently, XEM is trading at $0.74. The price has fallen from the opening price of $0.79. Thus, the market looks bearish.

In the past 24 hours, the OBV indicator has fallen steeply. Thus, selling volumes are high. High sell-offs will lead to a price pullback.

The MACD and signal lines are negative. A bearish crossover by the MACD line over the signal line indicates negative market momentum. Thus, the price is likely to dip further.

The RSI indicator is at 23% in the ‘oversold’ region. Heavy offloading by whales is likely to exert downward pressure on the price. The RSI indicator has started to rally slowly. This is a good time for swing traders to go long.

The price has fallen below the 23.6% FIB retracement level of $0.76. If the bears continue to be strong, the price may fall below the 23.6% FIB extension level of $0.70, in some time.

The price has dropped below the first Fibonacci pivot support level of $0.74. By the end of the day, the price may fall below the subsequent Fibonacci pivot support levels of $0.72 and $0.68, respectively.

To sum up, the price fall may either be a market price correction or a trend reversal. As the bear-run is strong, it may continue tomorrow as well.