NEM Price Analysis: Limited Trading Activity and Fading Investor Interest

Summary

NEM Fails to Recover After Chain Halt

NEM experienced a chain halt in the first quarter of 2023 after the production of block 4129631, causing all transactions on the blockchain to halt. According to the post-halt analysis, an unexpected trade entering the Unconfirmed Transaction cache triggered the bug. However, when the transaction expired, block production returned to normal. As a result, NEM’s ecosystem recorded limited activities and a gradual decline in price gains. This lack of investor interest is likely to negatively impact its price long-term.

XEM Price Chart Shows Limited Trading Activity

XEM is currently in a sideways trend on the daily chart, indicating slight stability after a recent price decline. However, the lack of significant trading activity suggests fading investor interest. XEM is trading below its 50-day and 200-day Simple Moving Averages (SMA), indicating a bearish sentiment in the coming days. The Relative Strength Index (RSI) is close to the oversold region, and the Moving Average Convergence/Divergence (MACD) is below its signal line, confirming the bearish sentiment.

Bears at $0.025 Resistance Limit XEM’s Price

XEM is currently trading below the $0.025 resistance level, with the bears limiting its price. If the support level fails to hold, a freefall to $0.0001 might occur. The price performance of XEM suggests rising fear, uncertainty, and doubt (FUD) among investors, making it difficult to predict future price moves. Based on current indicators, sellers are expected to dominate XEM’s open positions, resulting in a further price decline.

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