Nem has been one of the more volatile markets, not for those with weak stomachs, lets jump in.
Strong buying support above 0.00003500 btc on the market with a possible Adam & Eve double bottom forming on the 4hr candles. Resistance is strong above 0.00003800 and I would expect sellers to step in should this price range get tested, short term speaking.
Violent correction or market manipulation, it seems that the market might be establishing the longer term bullish trend. I am bullish on the Nem markets with a appetite for higher risk plays. We are still downtrending on the short to medium term, trade accordingly.
Lets take a quick look at the market vs the US Dollar.
Very similar chart setup vs the dollar, it seems like there is strong support around the $0.30 mark. Volume is low and I expect lower prices should this support level fail. Resistance is $0.32 for the near term and we should see some action on the market soon.
This could go either way and will depend on the ratio vs btc and how Bitcoin performs against the US Dollar next week.