The 26th cryptocurrency has had a rough couple of weeks, just like the rest of the market, after taking a serious hit from the bears upon reaching the peak of the minor uptrend at $0.008. The downfall of XEM began with the inverted hammer pattern that formed on the daily time frame on February 12. The further price decline was quite easy to predict as the next move constituted the bearish engulfing candle that was substantiated by the formation of the notorious death cross, as the 50-day moving average penetrated the 200-day to the downside on February 15.
1-day XEM/USDT chart
What followed was the 37% price drop after a close at $0.067 on the said candle, at the latest stage of which NEM has briefly descended below the 200MA but found the support provided by the 50MA.
