[Updated June 14, 2019] NEM, the acronym for the project known as the New Economy Movement, is an enterprise-grade solution that aims to power the impending blockchain economy. The project was launched on March 31, 2015, and utilizes XEM as its native currency. NEM price dropped with the rest of the crypto market last year, though large announcements have seen spikes from interested investors.
The platform’s technology allows multiple ledgers to coexist on one blockchain and it’s already witnessing interest from different entities and partners.
Experts’ Opinion On Why Nem Will Rise
NEM is the 20th largest digital currency based on market cap. Launched in March 2015, the cryptocurrency was walloped during the 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 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 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 $0.08 with a market cap of $761 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 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 especially price wise.
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.
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.
There are many projects that didn’t survive last year’s bear market. Even NEM did experience some problems forcing the project to reduce its team. NEM also launched the long-awaited catapult even though it wasn’t at the right time.
Even though the project isn’t doing very well right now, the analyst likes its development strategy like popularizing their blockchain in universities, which he believes will pay off in the long run. On the technical side, a falling wedge has been formed, which is a reversal figure of the target when XEM breaks through the resistance line the analyst sees it in the range of 1000 sats.
The chart above indicates that the price line has completed the formation of a Gartley pattern and entered in the PRZ area. The 50MA is already in potential reversal zone, and from here the price action is likely to take a bullish divergence soon
According to the analyst the targets lie at
The targets are:
Buy between: 0.00001059 to 0.00000914
Sell between: 0.00001176 to 0.00001453
The are so many falling wedge patterns within the altcoin market; however, the analyst says XEMBTC looks promising for a take off to the 200w EMA.
Interested in learning more about this coin and analysis on NEM price? You can read more news through our coverage. Here’s an in-depth article detailing the NEM and Portal Network partnership. And here’s the same regarding the OATH and NEM partnership.
If you’re interested in buying or trading for NEM (XEM), you can read our guide on how to do so using Binance here.