NEM Cryptocurrency Forecast

NEM cryptocurrency downgraded from Hold/Accumulate to Sell Candidate after Monday trading session.
(Updated on May 20, 2024)

XEMUSD Signals & Forecast

A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 6.94%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The NEM cryptocurrency holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the cryptocurrency giving a more negative forecast for the stock. On further gains, the cryptocurrency will meet resistance from the long-term Moving Average at $0.0376. On a fall, the cryptocurrency will find some support from the short-term average at $0.0368. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this cryptocurrency may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for NEM cryptocurrency

NEM finds support from accumulated volume at $0.0372 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This cryptocurrency has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the cryptocurrency moved $0.0019 between high and low, or 5.00%. For the last week the cryptocurrency has had daily average volatility of 3.47%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (XEMUSD) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect NEM to open at $0.0378, and during the day (based on 14 day Average True Range), to move between $0.0351 and $0.0395, which gives a possible trading interval of +/-$0.0022 (+/-5.86%) up or down from last closing price. If NEM takes out the full calculated possible swing range there will be an estimated 11.72% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.0372 (0.35%) than the resistance at $0.0418 (12.06%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is NEM cryptocurrency A Buy?

NEM holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this cryptocurrency. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.142 Sell Candidate Downgraded

Predicted Opening Price for NEM of Tuesday, May 21, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.