NEM (XEM) experienced a significant 11.0% loss this week, with prices dropping to $0.0453. Wednesday saw an even steeper decline, with the token falling to $0.0427, breaching the support level at $0.0450. However, prices later managed to rise back above this support level, offering some hope for further recovery. If prices can sustainably remain above this level, there may be potential for an upward movement towards $0.0500.

Despite this potential for recovery, it's important to note that there are no fundamental factors currently supporting such a rise in NEM's price. The broader cryptocurrency market, as represented by Bitcoin (BTC), has also experienced a decline, with BTC losing 6.5% to reach $66,150 this week.