NEM is an acronym for New Economy Movement, a blockchain platform that was build from the ground up. The actual cryptocurrency trades with the symbol XEM. It was designed as an enterprise solution for the upcoming blockchain revolution and global economy.
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XEM bulls saw 183% returns during February as the price approaches resistance from a weekly gap beginning at $0.645.
Support may have formed last weekend near $0.553, which would be confirmed by a strong move above this level and provide a probable area for entries. A gap beginning at $0.467 may also offer support if tested, along with the last movement’s base starting at $0.424.
Old overlapping levels and a previous move’s 2.0 extension make $0.737 to $0.800 a likely resistance area. If the price retraces near $0.441 before piercing this level to form a new 1.0 extension, an old weekly high near $1.0162 may be the next target.
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