THELOGICALINDIAN - NEM is beneath abundant affairs burden advancement a abundantly abrogating angle in all time frames
NEM / USD Short-term amount analysis
The XEM / USD brace has a bearish concise trading bias, with the cryptocurrency now trading able-bodied beneath its 200-period affective boilerplate on the four-hour time frame.
The four-hour time anatomy is assuming that the cryptocurrency is trapped aural a bottomward amount channel, with the XEM / USD brace bottomward appear the lower end of the pattern.
Technical indicators on the four-hour time anatomy are bearish and abide to accomplish advertise signals.
Pattern Watch
Traders should agenda that bottomward amount channels are generally advised to be bullish patterns.
Relative Strength Index
The RSI indicator is bearish on the four-hour time frame, although it is abutting oversold territory.
MACD Indicator
The MACD indicator on the four-hour time anatomy is bearish and continues to accomplish a advertise signal.
NEM / USD Medium-term amount analysis
NEM has a bearish medium-term trading outlook, with the cryptocurrency now trading beneath its trend defining 200-day affective average.
The circadian time anatomy shows that a ample astern arch and amateur arrangement has been created, with the XEM / USD brace gradually binding abroad from the neckline of the pattern.
Technical indicators on the circadian time anatomy are additionally bearish and abide to highlight growing affairs pressures over the medium-term.
Pattern Watch
Traders should agenda that the all-embracing upside cold of the astern arch and amateur arrangement on the circadian time anatomy would booty the XEM / USD brace appear the August 6th swing-high.
Relative Strength Index
The RSI indicator on the circadian time anatomy is bearish and shows ambit for added downside.
MACD Indicator
The MACD Indicator is bearish on the circadian time anatomy and continues to affair a advertise signal.
Conclusion
NEM has now angry bearish over both time frames with the cryptocurrency acerbic all of its above account trading gains.
If buyers can alpha to booty aback ascendancy of price-action, the bullish patterns on the four-hour and circadian time frames advance that the NEM / USD brace could still barter decidedly college over the medium-term.
Check out our coin guide for NEM to get a quick glance of the essentials.
For a added dive, our DARE for NEM is available.
