Nem (NEM) has plunged 28.0% this week to $0.0225, significantly underperforming the broader cryptocurrency market, where Bitcoin (BTC) is down 8.2% to $94,500. The sharp decline in altcoins has caught many off guard, with the broader market weakness taking hold following the Federal Reserve's hawkish decisions on Wednesday. Cryptocurrencies, like other risky assets, are under heavy selling pressure, and no clear bottom has been established.
Bitcoin faces a critical support level at $90,000, representing a potential additional decline of 5.0%. Should this level be tested, NEM prices could drop a further 11.0% to $0.0200. A deeper decline toward $0.0160, coinciding with trend support, is also possible if selling pressure intensifies. Any meaningful recovery in NEM prices would likely depend on broader Bitcoin movements, as NEM itself lacks positive catalysts or supportive news to drive independent gains.
