The Blockchain platform, NEM’s native token, $XEM, has taken the spotlight as the highest gainer of the day, experiencing a significant price surge of nearly 30%. Despite the overall low volatility in the crypto market, $XEM presents potential short-term accumulation opportunities for investors.
Although the total market capitalization of the crypto market has only slightly increased by 0.36% to $1.19 trillion, the market capitalization of the XEM token witnessed a remarkable surge of 25% on Wednesday. As per the data from CoinMarketCap, it currently stands at $330 million.
Today, there has been a significant influx of trading volume in the NEM (XEM) cryptocurrency, experiencing a surge of over 1650% within the last 24 hours. The overnight volatility in XEM token has been at the highest level since the last four months. The volatility can be credited to the exponential influx triggering a bullish breakout at the $0.0335 resistance level.
Currently, the XEM token is being traded at $0.0351 against the USDT pair. The buying pressure has caused the On Balance Volume (OBV) to reach a range of 4.422 billion. Buyers are striving to sustain the XEM price above the $0.0335 level in order to ensure its stability.
Within the daily price chart, the XEM token has recently reached a weekly high that surpassed the 200-day simple moving average. This achievement would provide momentum for the altcoin’s price to potentially approach the $0.0430 resistance zone.
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