NEM Technical Analysis: Coincheck resumes NEM trading, XEM soars

Last week, the global crypto market cap broke the $220 billion barrier, a level under which it was stagnating for the better part of a month. The highs of last week were not mirrored this week, with the market cap falling to $213 billion and several top coins trading in the red. However, NEM [XEM] has awakened the bulls of the market in the wake of a significantly positive development for the coin. Coincheck, the Japan-based cryptocurrency exchange and wallet, announced that it will resume its services for NEM. The other coins that were re-listed on Coincheck were Ethereum [ETH] and Lisk [LSK]. The accounts to process these cryptos were resumed at the start of the month with their technical safety confirmation completed on November 12. Both deposits and purchases of these virtual currencies have been approved by Coincheck.

#Coincheck resumed $XEM activities today! 🇯🇵 https://t.co/ndkPar4bUa

— NEM (@NEMofficial) November 12, 2018

Coincheck’s announcement has sent the bulls rumbling towards NEM markets, with the coin seeing highs that it hasn’t witnessed for the past two months. Since the Coincheck announcement, XEM's market cap has shot above the $1 billion mark in less than two hours, a massive movement in such a stagnant market. NEM is in a close battle with Ethereum Classic for the 16th spot in terms of market cap.

XEM/USD

The key support level of XEM was noted at $0.0943, which the coin had breached at 0800 UTC. The key resistance level of the coin stands at $0.0987, which the crypto had edged past 30 mins after it went past the key support level. The MACD is looking to break into the bullish zone while the 100 EMA line shows that the coin is in an expected uptrend. The hourly RSI indicator has shot up to 66.94, down from a high of 93.42, less than two hours after the announcement was made. This indicates that the digital asset is witnessing increased buying. The trading range exhibited by the token was $0.09208-$0.1496, with the coin hovering closer to the lower extreme. At the time of writing, the virtual currency had soared 16.6% against the U.S. dollar and is currently valued at $0.1089, after reaching the $0.1 milestone.

XEM/BTC

The digital currency has surged close to 16% against Bitcoin [BTC] and currently, one XEM can purchase 0.00001696 BTC.

Market Capitalization

NEM’s market cap was stagnant at just under $900 million since mid-October, with no hint of a bullish swing. Since the Coincheck announcement, the coin has not only broken the $900 million mark but has also crossed $1 billion. As of 0700 UTC, the market cap of the coin stood at $827 million, after which it skyrocketed 22.7% to reach $1.02 billion in a matter of two hours. The market cap has slightly dipped past the $1 billion mark and at press time, the market cap stood at $978 million. See also:  NEM and Gifto join hands to refine scalability and decrease costs NEM takes OATH to stimulate its blockchain governance, security