NEM (XEM) is Holding Quite Well Despite Flash Crash

September 28, 2019 By: Lorenzo Stroe

The recent market flash crash has affected everyone, every single coin saw at least a 5-10% crash, XEM was certainly no different and lost around 20% in value in a single day, however, the bulls were able to bounce off with a 22% move to the upside and currently trading at $0.0411 after losing some momentum.

Almost all the other cryptocurrencies are still trading at prices close to the crash or even lower, XEM is not as it’s trading almost as high as the daily support of $0.0413.

XEM has been in a daily downtrend for a long time, however, it has also been less volatile during rough periods of time. The weekly chart is clearly bad and in a downtrend, however, even after 10 weeks in a row of negative gains, XEM only lost 46% of its value, compared to EOS, for example, losing 25% in just one week or Litecoin, losing also around 24% in value in just one week.

The monthly chart, however, is not too great for XEM although the bulls have been able to hold a higher low and could set an Equilibrium pattern, the bears clearly have the upper-hand and a downside action is to be expected.

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