NEM Price Analysis – XEM/USD
NEM is a peer-to-peer cryptocurrency and blockchain platform launched on March 31, 2015. Written in Java, with a C++ version in the works, NEM has a stated goal of a wide distribution model!
Let us have a look at the technical aspects of NEM as follows:
The 17th largest cryptocurrency, – NEM with its current market cap stands at the level of $581,627,918, 10:35 (UTC) on January 09 dropped in current value by 41% relative to the level of November 12 as analyzed from the graph above. The major cases for fall in value due to the strong bearish pressure from around the world which can be interpreted from the graph above.
Amid this, the XEM/USD pair increased in value by 11.60% relative to December 15 which can be analyzed from the graph above. Besides this, the XEM/USD pair remained ‘uptrend’ from December 19 to December 24 as interpreted from the graph above.
Since both the moving averages have declined to represent ‘downward’ pressure in value thereby creating the ‘downtrend’ which is a negative sign. With this, XEM shows that the bears have the upper hands as the XEM/USD pair remains in bearish trends for some time until the next “uptrend” takes place. Those who would like to invest into this cryptocurrency may explore to create long position the moment ‘uptrend’ takes place and remained for some time.
Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The XEM remained range bound from October 11 to November 12 last year, as the cryptocurrency rallied from a low of $0.0909 to a high of $0.149 which is a 66.9 percent – an extraordinary return within 32 days.
Let us elaborate more about this altcoin as follows:
The NEM Foundation is endorsed by an international network, comprises a wealth of experience in IT, entrepreneurship, business processes, trading, property and asset development, international management and academia. The business’ ethos at the organization is to offer NEM’s blockchain technology platform to enhance enterprise whilst being run by the people, for the people. NEM’s team always inclined to provide a variety of support through an array of support and education, from training events and service providers to technical support for the ecosystem!
Their unique leadership approach sets a clear, rigorous course for an ever-evolving influence growing in every business and region, at every level. As a result, the entire organization reflects a group of internationally diverse individuals with breadth and depth of experience across the foundation.
Now let me walk you through the trading moments of Price (BTC) and Market Cap through the valid source of CoinMarketCap as follows:
As we can quickly analyze from the graph above that the MCap stands at MCap 581, 865, 389 USD, (10:45 UTC) with blue trend line, and Price (BTC) 0.00001596 through orange trend line with 24h Volume 12,953, 908 USD (10:45 UTC) can be interpreted from the graph above. Since MCap and Price (BTC) traded with the YTD analytics, it seems that this altcoin experienced a downtrend in value after it attained the highest peak on January 02 and since then started declining till date and again it is believed to have gained in value which can be analyzed from the graph above.
As we can estimate from the first graph, If bulls succeed in rising and sustaining above the current resistance level $0.066 (10:45 UTC) and create “uptrend” in value (i.e., traded above the EMA) the investors will start buying this currency more and more thereby increasing its value. However, based on the current trend, the next support level could be $0.067.
Please feel free to visit https://nem.io/ to know more about this cryptocurrency!