What is NEM (XEM)? NEM or New Economy Movement aims to revolutionize the blockchain technology.With the tagline “Smart Asset Blockchain, Built for Performance”, NEM aims to help bring about the next generation of interoperable blockchains.NEM offers a seamless interaction between public and private blockchains.Through NEM, any kind of digital asset like tokens, files, etc.can be easily transferred.
History of the cryptocurrency NEM is a hard fork of a popular cryptocurrency and payment platform, NXT.NEM evolved from the cryptocurrency in 2015 .The organization behind NEM is a not-for-profit based in Singapore by the name of nem.io.
After the fork, the development team decided to take the project a step further with its own codebase and more features.The team ensured to make NEM much more scalable and faster.It resulted in a platform that bore next to no resemblance with the original NXT.The network was also given its own cryptocurrency by the name of XEM.
XEM is not utilized as a payment method but it has still managed to climb the market ladder and currently is the sixty-third largest cryptocurrency by market capitalization.NEM (XEM) fundamental analysis NEM is not considered to have a large brand presence online but despite the fact, the support for the cryptocurrency is phenomenal.
It may be considered as one of the most underrated cryptocurrencies with zero hype when compared with cryptocurrencies like Bitcoin.NEM also offers many advantages over the king of the market in terms of transaction speed and working mechanism.NEM blockchain presents a unique mechanism for its high efficiency – the Proof of Importance (POI).The Proof-of-Work mechanism is one of the most common staking mechanisms in the crypto space but it is also an energy-intensive process which makes it undesirable.The NEM blockchain is much more efficient because of its POI mechanism which gives more importance to how much users are invested in XEM as evident by their wallets and holding period.The development team of the network continues to strive for excellence and developments continue for NEM.The team has recently announced the successful launch of its Symbol mainnet .
Symbol is described as an interoperable blockchain curated for asset tokenization.The launch of the Symbol mainnet also makes NEM a two-chain ecosystem.XEM Technical Analysis NEM has become the best performing cryptocurrency in the daily timeframe with a gain of 20% in the past twenty-four hours.The downtrend of the cryptocurrency may appear to be reversed as it gains upwards.
At the time of writing, XEM stands at a price level of $0.14.The daily trading volume, too, has shot upwards by 300%.Is the market for XEM in a trend reversal? The technical indicate a bullish market outlook for NEM.Out of the total twenty-six technical indicators, eleven are suggesting a signal of buy with nine at a neutral position and only six indicators bearish at a sell indication.Both the oscillators and moving averages are bullish.XEM coin had been operating in a descending channel formation since the beginning of July.However, the recent bullish trend in the market resulted in a break out from the descending channel towards the upside.
Some crucial Fibonacci Retracement levels can be identified for the cryptocurrency.At the time of writing, XEM coin can be find reaching above the 1 Fibonacci Retracement at the price level of $0.14.The level had been resistance and can soon be established as strong support.The next resistance lies at the 1.618 Fibonacci level at the price of $0.16 which can also be regarded as the target price.
If the upward trajectory is not maintained, XEM crypto can find various support levels to help it stabilize.NEM (XEM) historical price movements After its launch, the cryptocurrency had been operating below $0.01.The performance of XEM was subpar and just when all hope was lost, the bull run of 2017 occurred.XEM crypto established its all-time high at $2.09 during the bull run and gave a performance that wowed the market.
The cryptocurrency also reached the top twenty largest cryptocurrencies in terms of market cap.However, the price could not be sustained as the market crashed in 2018, and XEM, once again, fell below $0.1.
XEM was once again pushed upwards by the bull run of 2021, although the performance was not as well as it may have been expected as XEM could not break its all-time high established in 2018.XEM was only able to establish its 52-week high at $0.77.What does the future have in hold for NEM (XEM)? The future projections for cryptocurrency are optimistic.
A general upward trend has been confirmed by various estimations although the level may vary.According to Wallet Investor , XEM crypto is expected to be operating at a price level of $0.28 in a year’s time while the five-year forecast shows a price of $0.93 – an increase of nearly 550% in five years which is commendable.If the forecast of Wallet Investor plays out then investing $2,500 in XEM at the current price will result in gains of nearly $14,000 after five years.
Isn’t that great? Digital Coin Price is also bullish on the cryptocurrency and predicts XEM to end the year with a price of $0.21.Per their estimates, XEM is expected to reach towards $0.62 by 2028.Trading beasts on the other hand is not bullish on the cryptocurrency and projects a price of $0.23 by 2024 while suggesting near stagnant price movements for XEM.Although a word of caution, these are bullish estimates, and the crypto market is notoriously known for its unpredictability and volatility so anything can happen at any time.Despite the bullish future projections, if you are not careful, XEM or any other cryptocurrency for that matter can tank all your investment.Hence, as much as a risk-lover you are, caution must always be practiced..
