(Updated April 11, 2021) 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 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 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 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 $0.04 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 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. Additionally, NEM is working with many other companies and signing new partnerships that would allow users to have better solutions.
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 (XEM) Price TradingView Analysis Updated April 11, 2021
As per the analyst, the XEM/USDT trading pair has been moving higher in recent days and weeks. As the expert explains, XEM has been inside a symmetrical triangle since the start of the year.
However, it almost broke out but failed because of a simultaneous Bitcoin (BTC) dump. The virtual currency is now trading on the lower boundary of the triangle and it could get closer to the upper boundary once again.
The target established by the analyst is currently at 1.85 USDT per coin and this could be achieved by the end of the current year. However, there are some resistance levels that XEM would have to break through before reaching its target.
Let’s get into the analysis of XEM/USDT. The trading pair could be very close to a bottom, as per the analyst Tbae_Nike. He considers that we are in a support level at 0.32 (and surroundings).
The expert considers that there are three different entries for spot traders. The first entry would be at 0.34 (20%), the second entry would be at 0.31 (40%) and the third entry would be close to 0.28 (40%). The main targets include 0.37 USDT, 0.395 USDT and 0.425 USDT.
Long-term targets are 0.50 USDT, 0.65 USDT and 1 USDT. There is also a stop-loss users should set up at 0.265 USDT.
The XEM/USDT trading pair shows that there is a bat pattern forming that shows a target of 0.107 USDT. This target could be increased to 0.2445 USDT. Thus, this region could be a good entry zone for the analyst. The market is now retracing and a buy at these levels could push the price of the digital asset to 0.4331 or 0.80 USDT.
There are different support and resistance levels that can be seen if we add Fibonacci retracement levels. These support and resistance prices include the following: 0.10, 0.30, 0.43, 0.54, 0,65 and 0.80.
The analysis shows that there has been a symmetrical triangle on a small time-frame on the XEM/USDT trading pair. Following the Elliott Waves theory, all the waves are done and the price could move higher.
Nonetheless, there has been a strong negative sentiment before. Additionally, the trader explains that the bearish target could be 0.4419 if it moves downwards and 0.5968 if it moves higher.
It will be very important to follow the breakout and understand how this virtual currency could continue behaving. The market has made a pause and yet there is not clear information on which direction BTC is taking.
According to this analyst, there is a possibility of temporary retracement to the support line shown in the chart that stands at 0.31 USDT per coin. He considers it is possible for traders to set orders based on price action and expect short-term targets to be reached.
Furthermore, NEMUSD is also in a range bound and the beginning of the uptrend could be expected. Moreover, the 21-day WEMA has acted as a dynamic support. Furthermore, the RSI is currently standing at $70 and it could continue moving higher if the price moves to higher prices. The analyst has set up a stop loss below 0.28 USDT.
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? 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.