NEM(XEM) $0.493806 USD (0.43%)
NEM Faces Bear Market as 3-Day Slide Continues
NEM’s native token XEM is close to seeing a revival of the bear market, the technical charts indicate.
NEM is retesting the lows formed on February 2. If the bulls manage to hold the lows, a move towards the downtrend line might take place.
If the lows breakdown, we are most likely to see a fall to the next support level of $0.31672. The XEM/USD pair will become positive in the short-term once it sustains above the downtrend line.
According to Coindesk, XEM prices reached an all-time high of at $2.09 on Jan. 4, before falling to $0.72 on Jan. 17, according to CoinMarketCap data. The recovery that ensued ran out of steam at the Jan. 21 high of $1.22.
Prices then hit a low of around $0.78 on Jan. 26 seemingly due to reports that 500 million XEM tokens, worth roughly $420 million at the time, had been stolen from Japanese exchange Coincheck.
While it was perhaps to be expected that XEM might continue the decline, the token turned higher and ran into offers on Jan. 27 at $1.08. It has since been in a slide, however, and, as of writing, the cryptocurrency is trading at $0.84.
The price action witnessed in the last two weeks indicates the cryptocurrency has created a series of lower highs and higher lows – i.e. narrowing price range, popularly known as a “symmetrical triangle” formation.
At press time, the technical chart indicates XEM is close to breaching the symmetrical triangle on the downside – a move which could revive the long-run bearish outlook.
NEM Is The Sleeping Giant
Thomas Ramsay – cryptodaily.co.uk
As technology continues to evolve, cryptocurrency fanatics are becoming more insistent that Bitcoin doesn’t really achieve the founding principles of blockchain technology. Bitcoin opened up the arena, in which people can drive innovation in a decentralised way, there is hope that a new blockchain king will come to the surface. With this in mind, many think the New Economy Movement (NEM) could be a sleeping giant ready to awaken.
NEM is not a fork of the current giant, Bitcoin. It was built upon a principle to inherently address the current issues with cryptocurrencies, including scalability, energy consumption, ease of use, governance, incentive to buy, and the avoidance of centralisation. The New Economy Movement offers a lot more than its currency (which is called XEM).
XEM is harvested, rather than mined. When an account reaches over 10,000 NEM, the money will become vested by the algorithm and you can begin to harvest block fees passively. This saves on power usage, because harvesting can continue even when you turn off your computer. As XEM is used more, harvesters are able to gain even more, so there is extra incentive to keep investing.
Blockchain Concept of Blocks in a Wave on White Background
The ecosystem of NEM provides a solid platform for new startups, industries, property developers, hospitals, artists, game developers and many more to easily create specialised blockchains for different purposes. And some of the first projects are already in the process of being established in new arenas, such as gaming. In-game economies can be produced, whereby gamers can earn money just by gaming.
There are definite signs of a bright and diverse future for NEM, and this is why so many believe it is a cryptocurrency sleeping giant. With extremely technical white paper full of advanced mathematics in the algorithm, even coders and developers are impressed with the foundations upon which the blockchain is based.