NEM Is Struggling to Keep Its Upside Momentum
NEM (XEM) is down by 3.6% this week, trading at $0.0162, while Bitcoin (BTC) has declined by 2.8% to $56,721. XEM managed to break through the resistance of its descending channel in late July and attempted to push higher, despite being delisted from Binance. The token tested the resistance level at $0.0250 but has since retraced to $0.0150.
The overall deteriorating sentiment in the crypto market is likely to keep XEM prices near this level. It's crucial for prices to hold steady around this range to potentially develop an uptrend during the next rebound.
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