NEM Technical Analysis: XEM hits 2 month-high as it zooms past NEO, Ethereum Classic

The collective crypto market has reversed course from the highs seen last week, after breaking the elusive $220 billion barrier on November 7. With the total market value falling to $214 billion at the start of this week, it has further dropped by $2 billion. On Tuesday, all top 10 coins were trading in the red, barring XRP. However, the digital assets below the top 10 in terms of market cap are rising, with coins such as IOTA [MIOTA], Dash [DASH] and ZCash [ZEC] steadily gaining. But the undoubted standout is NEM [XEM], with its unprecedented rise of over 20%. NEM’s remarkable rise is the result of the announcement of Coincheck, a Japanese crypto exchange and wallet that recently resumed trading of NEM, Ethereum [ETH] and Lisk [LSK]. NEM has been riding a significantly bullish wave since Monday, climbing to as high as $0.118 - its highest since early September. Additionally, NEM has overtaken Ethereum Classic [ETC] and Neo [NEO] to rank as the 15th most valuable crypto on the global coin ladder and is currently just $200 million behind Binance Coin [BNB], which is placed in the 14th spot.

XEM/USD

The key resistance level of the coin can be found at $0.0987, with the coin currently trading 16.8% above this level. The MACD shows that the crypto has been enjoying a bullish phase since 0800 UTC on Monday, while the 100 EMA line indicates a massive uptrend for the coin. The hourly RSI indicator currently stands at 69.02, which suggests that the digital asset nearing overbought levels. As soon as the Coincheck announcement was made, immediate buying interest in the token resulted in the hourly RSI indicator jumping to a whopping 93.95. The trading range exhibited by the coin is $0.107-$0.122, with the lower end of the range 8.4% higher than the key resistance level. At press time, NEM has surged 26.4% against the U.S. dollar to trade at $0.118.

XEM/BTC

The digital currency has soared close to 28% against Bitcoin [BTC] and currently, one XEM can purchase 0.00001840 BTC.

Market Capitalization

The market cap of NEM was consistently above the $900 million mark early last month, following which it was valued at the higher end of the $800 million bracket. On Monday, its total market value not only broke the $900 million mark, but also managed to cross $1 billion - a feat it had been attempting to achieve for over two months. The billion-dollar mark was first broken at 0830 UTC on Monday. Following a slight dip, the market cap now sits comfortably above $1 billion, making NEM among the 16 coins with a total market value of over $1 billion. At press time, the market cap of NEM stood at $1.05 billion. See also:  VNX Exchange partners with NEM to develop security token protocols NEM to provide blockchain consultation services to UAE ministry