(Updated August 14, 2022) Analyzing NEM Price is not an easy thing to do. Last year was crucial for the transition of the NEM blockchain and the XEM token. Over the period, XEM has registered significant gains that have coincided with a rework of the ecosystem’s inefficient governance structure.
As things stand, NEM price has a lot of potential given its wide range of real-world use cases and now that it has the full backing of the NEM Foundation. In 2020 this platform has the opportunity to lead the rest as blockchain technology is integrated into the business world. Consequently, the increased use cases and integrations will have a positive impact on its price.
In this piece, we are going to take a look at the various factors that promise to push the price of XEM upwards, including expert opinions and technical analysis of the charts.
Experts’ Opinion On Why Nem Will Rise
NEM price is the 27th largest digital currency based on market cap. Launched in March 2015, the cryptocurrency was walloped during last year’s crypto winter and is down 97% from its January 2018 all-time high of $2.11. Despite this negative trend, let’s take a look at why experts believe NEM price could rise soon.
Saaim, an investments analyst at Lombardi Media Corporation, states that the hacking of the NEM platform and the lost coins could be a potential positive, which could prompt an upward price movement. She reports that the coin faces competition from other bigger altcoins, and adds that since the coin joined Binance, this may push its price to the happy side of $1.
Additionally, Tim Falk, from Finder.com, believes that NEM price has a lot of potential. The platform has a wide range of real-world use cases and the backing of the NEM.io foundation, thus it has the opportunity to be at the forefront of the large-scale integration of blockchain into the business world, which may push the coin’s price to higher levels.
The newly elected president of the NEM Foundation, Alex Tinsman, expressed a high level of optimism when she stated that it is exciting to be part of the foundation, given it has a robust suite of tools and a community that is moving forward to change the future. This optimism shows that she believes in a great future for the coin, given its numerous advantages.
Currently, NEM price is trading at $0.04 with a market cap of $371 million. However, recent developments around the project promise to push its price and market cap even higher. Below are four other reasons that are positively impacting the price of NEM (editor note: we’ll use NEM price here instead of ‘XEM’).
Fresh Start After $8 Million Rescue
Earlier this month the NEM Foundation said that it was ready for a fresh start after it obtained a funding injection of around $8 million last month and after laying off most of its staff. Key members of the NEM community had approved the release of 210 million NEM tokens from reserves on Feb. 20 which are supposed to fund the operations of the foundations until Feb. 20, 2020.
Alex Tinsman who is the newly elected president of the NEM Foundation had earlier this year revealed that the nonprofit organization was almost broke after the previous governance council had mismanaged funds.
As part of the new changes, the new management was effecting included staff cutbacks that saw 100 people lose their jobs. Tinsman noted that “It’s in the best interest of companies to be fiscally responsible with their platform, their products, and their teams. We need to be product-focused, and that’s what we’ve done. This is a sign of good things to come.”
Also in a thank you message to the NEM community for approving the funding the foundation noted that it would be “working with the relevant community members to go through the process of disbursements of funds and have been in touch with our lawyers in Singapore where NEM Foundation is incorporated. As promised, we will transition into a product-focused and revenue-driven Foundation and will be providing updates regularly.”
So moving forward as the president notes, investors should expect good things from NEM price.
PUBLISH Will Utilize The NEM Blockchain
The news media arena is set to start reaping the benefits of the blockchain technology soon.
This is after TokenPost, a Korean blockchain based news platform and Kchain, a leading blockchain consultancy company also based in Korea partnered to launch PUBLISH – software that will aid integration processes.
Through the platform, the two entities plan to improve the news media ecosystem in this era of the distributed ledger technology.
PUBLISH describes itself as the “next generation blockchain-powered news publishing software protocol.” Moreover, it aims to distort the news media network designs with a global participation approach.
Feasibility studies done so far show that the protocol is compatible with the practicalities of publishing news content and it’s also economically viable.
The PUBLISH blockchain project will run on the NEM protocol. It will use NEM’s services including the ability to customize assets and use of encrypted messages.
By doing this, the platform hopes to build a network that will satisfy all news industry participants from advertisers, consumers, content creators and editors within the system.
By having distinct roles for different network participants, PUBLISH stands out from other blockchain projects that are trying to implement the same idea.
Publishers and Editors operating on the platform will be custodians of the blockchain based news within the network.
Also, the hybrid decentralized approach that is used to govern the PUBLISH network is expected to enhance transparency and autonomy when it comes to publishing news. Additionally, NEM is working with many other companies and signing new partnerships that would allow users to have better solutions. Thus, NEM price could continue growing in the future as well.
Despite that, it is also worth remembering that millions of NEM coins were stolen from the Coincheck exchange a few years ago.
Launch Of A Blockchain Hub For Nem-Based Startups
Recently, NEM launched a blockchain hub in Melbourne Australia. The hub will see NEM representatives provide support to members of the public on blockchain technology and cryptocurrencies.
It will also host blockchain events and educational programs. Most importantly, it will serve as a business incubator and support center for NEM-based blockchain startups.
Australia holds bright prospects for the NEM foundation. The project has lately benefited from local support through partnerships with startups like TravelbyBit.
This new development is expected to positively impact the price of XEM as it was the case recently after NEM was picked up by Mijin, a Japanese based blockchain platform.
Jian Chan, the NEM Foundation lead in Australia and New Zealand has said that the launch of the hub in Melbourne is a definite sign of NEM’s commitment to supporting innovation in both countries.
Already NEM is collaborating with many Startups in Australia including LaunchVic, Blockchain Centre, Stone $Chalk and many more.
NEM has also announced that it’s working on having more Australian partners and there are plans for some NEM based ICOs soon.
Partnership in UAE
A Memorandum-of-Understanding (MoU) has been signed by the NEM team with the Ministry of Community Development (MOCD) in the UAE. This MoU will cover the provision of various consultancy services to MOCD on its future blockchain projects. The UAE has been very progressive in its adoption of blockchain technology as a vehicle to drive its full digitalization policy, which it hopes to achieve in 2019.
This is the latest in a series of partnerships that have been signed with various companies. NEM is also being listed in a number of exchanges such as BitPanda and Kuna Exchange, a Ukraine-based crypto exchange that will offer both crypto and fiat-based pairing with NEM.
NEM Price in 2020 and 2021
Those users that have been in the cryptocurrency market for a while remember that NEM has been affected by a hack in 2018 that has definitely helped push the price of this virtual currency to the lowest point in years.
This bearish action lasted until 2021 when things have changed for the entire cryptocurrency market. Let’s not forget that Bitcoin reached new all-time highs and it helped NEM move higher as well.
In 2020, NEM started as most digital currencies in the market are being traded higher. However, compared to others, the price increase was minimum. Moreover, it was in an accumulation phase from mid-2018 until the beginning of 2021. Hence, it was possible for a large number of investors to get access to this virtual currency and sell it throughout 2021 and part of 2022.
In 2021, NEM moved to $0.80 from $0.04 in 2020. This shows that there has been a strong push for a higher price with NEM. Despite this price increase, XEM remained far from the top 20 and it was not able for this virtual currency to recover and reach all-time highs as it happened in 2018.
Now that we start 2022, we see that NEM is trending lower. It might need several catalysts in order to start trending higher and reaching new highs in the coming years. This would also be highly dependent on the entire cryptocurrency market.
NEM (XEM) Price TradingView Analysis Updated August 14, 2022
This cryptocurrency analyst shows that XEM has been in a bull trend in recent weeks, but more precisely, in an ascending triangle. This triangle has recently been broken upwards but the coin cam beach again inside this triangle. It is now a matter of time to see whether it is possible for this coin to move higher.
As per the analyst, XEM could definitely continue with its trend higher in the coming weeks. Nevertheless, we should see what could happen with Bitcoin (BTC) as this is the most important virtual currency at the time of defining market trends for the coming years.
For this virtual currency, this analyst shows that the coin has started to move higher after several days in which the coin was traded sideways. It is possible to see that the candles drawn in the chart are larger and healthier than other green candles registered in the last few weeks. Therefore, there is a high probability that we could see the coin moving higher in the near future as well.
However, everything will depend on how Bitcoin (BTC) and other virtual currencies behave. Let’s not forget that Bitcoin guides the market. Additionally, Bitcoin moves are highly correlated to other things, including macro-economic events such as interest rates and the inflation rate. Therefore, we should also pay close attention to what happens in traditional financial markets. This would help us have a clear idea of what to expect with XEM/USDT.
For XEM/USDT, this analyst says that the RSI indicator could be used as a good technical indicator if used well. Some of the things that investors should take into consideration include the auto-selection of bottoms and tops, this could help find better trades and recognize buying and selling opportunities better.
It is also worth taking into consideration that the analyst says that the RSI gives information about the trend and whether it is positive or negative. This could be used on the chart or on the indicator as well. Finally, it gives a signal if it’s up or down.
For XEM, this analyst has drawn some important support and resistance levels. These price levels are currently at 0.0362 USDT, 0.04 USDT, 0.0411 USDT, 0.0462 USDT and 0.0513 USDT. Let’s not forget that not so long ago, XEM was traded at parity with the U.S. dollar.
This NEM analyst shows that the virtual currency lost all the gains registered during the last two weeks of June. That means that investors that were expecting this digital currency to move higher in the next few days have seen the digital asset move lower and touch 0.036 USDT per coin.
Despite the fact that NEM tried to break above 0.0425 USDT, the price of the digital currency could not stay above this price region, which was something that pushed NEM downwards in recent days.
Now, the market is trying to recover, but it would be very important for NEM to break above 0.04 USDT per coin in the next days and hours. Otherwise, it might have to gather strength to avoid falling even lower in the next few months (if Bitcoin continues with its bear trend).
This analyst shows that NEM was traded in a tight range between 0.05 USDT and 0.056 USDT. This range worked as support and resistance and helped the virtual currency stay above 0.05 until recently when Bitcoin and the whole crypto markets fell once again. This comes after the massive sell-off that took place in the crypto market when the Terra (LUNA) ecosystem imploded.
Now, it might be possible to see the virtual currency follow Bitcoin as it happens with most digital assets right now. In addition, we should follow NEM’s trend and see what could happen with this virtual currency in the coming weeks, especially if it is able to break above the resistance level at 0.05 USDT. At the moment, NEM is being traded close to 0.0378 USDT per coin.
Last year represented a turning point for the NEM blockchain and its token. It signaled some significant changes to the NEM’s ecosystem governance model. And now a new operational structure has been established. The new changes aim to correct previous mistakes and bottlenecks.
As such, the market has responded positively to the changes, and XEM gains over the past few months is a testament to this. With the upcoming launch of Catapult, the gains are expected to continue in the second half of the year, and it would be wise for any investor to add some XEM to their crypto portfolio to ensure they don’t miss out on the upcoming windfall.
Want to learn more about NEM price? Check out this guide that explains everything about the project. This guide will teach you how to buy XEM on Binance. Also, once you purchase your XEM, you will want to store them in a safe place, so here is a guide on the best NEM wallets in 2019.