HomeLatest NewsNEM (XEM) price retraces by 12% despite Symbol airdrop

NEM (XEM) price retraces by 12% despite Symbol airdrop

XEM price could dip below $0.60 if bulls fail to take control short term

Holders of NEM will receive 1 XYM for each XEM token held during the Symbol airdrop

NEM price has dipped nearly 12% in the past 24 hours to touch lows of $0.59. Over the past week, the cryptocurrency’s value against the US dollar has dropped by over 25%. If the prices drop further, XEM/USD could trade plunge below $0.59 and touch prices last seen on 1 March 2021.

At the time of writing, NEM is trading at $0.63 but with a bearish outlook on the 4-hour chart. The token could be set for a few drab days even as the community inches closer to the Symbol (XYM) airdrop.

According to the team behind NEM, the previously postponed airdrop will occur on 15 March, with a snapshot of the blockchain scheduled for 12 March. During the token giveaway, those who opt-in will receive 1 XYM token for every XEM token they hold.

Among exchanges that have announced support for the airdrop are Poloniex, Gate.io, and Bitpanda.


XEM/USD 4-hour chart. Source: TradingView

NEM has failed to recover above $0.66, the 0.618 Fibonacci retracement level of the swing from $0.53 low to $0.87 high. This is after a sharp sell-off saw prices decline below the support line of a descending triangle pattern on the 4-hour chart.

Bulls need to push higher and breach the resistance at the above price level to retake control. That would put XEM/USD on course to retest the 0.5 Fibonacci retracement level ($0.70). The 20-day EMA is also currently stationed at $0.69, suggesting an upside break alongside a broader rally in the market will likely propel the pair towards the 0.382 Fib level ($0.74).

Above this, bulls could target $0.80 and the recent peak at $0.87.

On the contrary, XEM/USD could see further declines short term if the price drops below $0.60. The MACD (4-hour chart) has crossed into the bearish zone with a sloping RSI is printing oversold. While bulls may take advantage of tiring sellers, this will likely come after prices dip lower before seeing a fresh upside.

XEM/USD 1-hour chart. Source: TradingView

The hourly chart shows bears are largely in charge. XEM prices remain well below the 100 and 200 SMAs. There’s also a bearish flag pattern formation whose confirmation would see XEM/USD dip towards the $0.60 support.

The above perspective could call for more sell orders, with the added pressure forcing bulls to defend gains near the previous support zone at $0.53.

Sign up to our exclusive newsletter today!

Tailored emails

No SPAM ever!

Alt coin news

Unsub anytime

After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.