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NEM has a strong short-term bullish bias, with the cryptocurrency rising to a fresh monthly trading high
A bullish inverted head and shoulders pattern on the four-hour time frame has been triggered
The XEM / USD pair has now turned bullish over the medium-term
NEM / USD Short-term price analysis
The NEM / USD pair has a strong short-term bullish trading bias, with the cryptocurrency recently advancing to a new monthly trading high.
The large inverted head and shoulders pattern on the four-hour time frame has now been triggered after a brief period of consolidation around the neckline of the pattern.
Technical indicators on the four-hour time frame remain bullish and continue to generate a strong buy signal.
XEM / USD H4 Chart (Source: TradingView)
Pattern Watch
Traders should note that the overall upside objective of the inverted head and shoulders pattern would take the XEM / USD pair towards the January 8th swing-high.
Relative Strength Index
The RSI indicator is bullish on the four-hour time frame, although it is approaching overbought conditions.
MACD Indicator
The MACD indicator on the four-hour time frame is bullish and continues to generate a strong buy signal.
Fundamental Analysis
The spike of positive sentiments towards NEM, is most likely connected with the fact that the project should announce the roadmap for Catapult, as was promised, by the end of Q1 2019. Catapult has been long awaited by the community and should bring additional functionality to the NEM blockchain including trusted decentralized swaps, multi-faceted transactions, multi-level multi-signature transactions, automatic fee payment and more.
NEM / USD Medium-term price analysis
NEM has a bullish medium-term trading bias, with the cryptocurrency moving closer to its trend defining 200-day moving average.
The daily time frame shows a bullish breakout from a descending price channel, which the cryptocurrency had been trapped inside since December of last year.
Technical indicators on the daily time frame are also bullish, although they appear more overstretched than the four-hour time frame.
XEM / USD Daily Chart (Source: TradingView)
Pattern Watch
The overall upside objective of the descending price channel on the daily time frame would take the NEM / USD pair towards the November 29th swing-high.
Relative Strength Index
The RSI indicator on the daily time frame is bullish, although it has moved into overbought territory.
MACD Indicator
The MACD Indicator is bullish on the daily time frame, although bearish price divergence is starting to emerge.
Fundamental Analysis
NEM has been recovering from an extended bear streak since the new Foundation started restructuring project’s operations. Nevertheless, giving the previous failures of the project, the success of the new team is not guaranteed and there is a risk of potential sell off if the new team will not be able to deliver on the promises they have made.
NEM / USD Conclusion
NEM is growing increasingly bullish, with both time frames currently showing bullish patterns playing out to the upside.
If the XEM / USD pair can start to stabilize above its 200-day moving average, the cryptocurrency could easily reach the intended targets of the bullish patterns on both time horizons.
A quick coin guide to understand NEM is available here.
We also recently released our comprehensive DARE report on the project.
NEM Chart
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