Coin of the day is NEM.
Recently formed by NEM rebound pattern develops further.
The decline in NEM value over the last weeks was provoked by the hack of the Tokyo based cryptocurrency exchange Coincheck.
There were two main reasons for the concerns: that Coincheck will not return the stolen funds and the fear that the stolen NEM's (XEM) would be dumped into the market and drop the price. Both these fears were dispelled, the exchange started to return the funds and realization that the stolen money could not harm the NEM market given its large capitalization calmed investors.
From the technical view, the pair is showing a sustained uptrend for the last days and established a bullish trend line support. The 0.00004 level was broken and turned into support. From the upside, the 0.00005 level and the 100-days EMA will be the next targets if the bullish scenario will continue to develop.
Recently formed by NEM rebound pattern develops further.
The decline in NEM value over the last weeks was provoked by the hack of the Tokyo based cryptocurrency exchange Coincheck.
There were two main reasons for the concerns: that Coincheck will not return the stolen funds and the fear that the stolen NEM's (XEM) would be dumped into the market and drop the price. Both these fears were dispelled, the exchange started to return the funds and realization that the stolen money could not harm the NEM market given its large capitalization calmed investors.
From the technical view, the pair is showing a sustained uptrend for the last days and established a bullish trend line support. The 0.00004 level was broken and turned into support. From the upside, the 0.00005 level and the 100-days EMA will be the next targets if the bullish scenario will continue to develop.
