Price Analysis as NEM (XEM) Fails to Move Higher

 

NEM (XEM) has moved more than 13% higher at one point during today’s trading session before rotating back lower and giving away most of its earlier gains.

Two days ago, a partnership between Denarii Cash and NEM was announced.

Denarii Cash is a multi-currency mobile wallet which allows transfers between fifteen different currencies.

“The Denarii Cash have been very busy over the past few months, with resources focused on moving our core platform to NEM blockchain. We are very excited with our decision and we cannot wait to make this happen”, said Jon Santillan, the co-founder of Denarii Cash.

As of 2019, Denarii Cash will be using NEM catapult to power its own network.

“Denarii Cash provides liquidity to XEM tokens by allowing Fiat-Crypto conversions in their platform. I believe this was the main reason they have decided to use the NEM blockchain and we are delighted to hear that they are embracing our technology to power their platform which increases the usage of NEM’s both public and private networks”, added Paul Christian, General Manager of NEM Middle East.

The graph below shows the current state of play concerning the XEM. The currency broke out of the triangle yesterday after being trapped for around four months.

Graph 1. NEM (XEMBTC) daily chart

The bearish break was a result of a series of the lower highs and lower lows which had been created.

Today, the price pushed higher, but failed to close above the 100 DMA and the supporting trend line of the triangle, thus adding another bearish element to the XEM equation.

We can expect the price to start moving lower towards the 78.6% Fibonacci retracement.

NEM (XEM) is currently the 16th biggest digital currency with the market capitalization of around $530 million.