2017 Initial Analysis! NEM…?: Virtual Currency Chart Watching

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If XRP is considered stage 4 at the end of a downtrend, then XEM would be around stage 2.

What was that big rise in June? Some say it was manipulation, but it didn’t have enough substance to sustain such a surge, so this is the likely outcome.

Since the spike high on June 28, 2016 is not yet a reliable reference, I drew resistance at the high points after retreats in August and November where it jumped briefly.

Under the current flow, if you breakout above that level, it still seems to be below the annual and the 6-month moving average, so it may warrant caution, but technically the bullish factors are currently waiting for that signal.