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NEM market update: coin goes ballistic as market approves NEM’s restructurization plan

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  • The coin gains 7% in recent 24 hours and moves to the 20th place.
  • The next resistance comes at $0.0547.

NEM is now the 20th largest coin with the market capitalization of $600M. The coin has gained nearly 20% in a week amid strong recovery from January 28 low touched at $0.0378. At the time of writing the coin is changing hands at $0.0510, off the intraday high touched at $0.0535.

NEM was hampered earlier this year amid financial struggles of the project. However, recently, the team published the restructurization plan that will allow to overcome difficulties and support further development.

The plan was well accepted by the community, despite some tough decisions made by the team including staff reduction. The company will part ways with 69% of its employees.

Also, the project secured financing in the amount of $8M and approved the release of 210M XEM tokens from reserves. This injection is supposed to fund the operations of the team through February 2020.

NEM’s technical picture

The initial support is created by psychological $0.0500; however, a stronger barrier comes with DMA50 currently at $0.0455. The coin is on an upside track as long as it stays above the handle. A sustainable move lower will increase the selling pressure and push the price towards the next barrier at $0.0437 (DMA50).

On the upside, watch out for $0.0547 (DMA100). This area may cap the recovery for the time being.

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NEM Price Targets $0.05 but Lacks Convincing Trading Volume

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It appears most of the bearish momentum forming earlier today has evaporated once again. While it is evident most markets are not out of the woods by any means, there are some interesting price trends shaping up already. The NEM price, for example, is going through a somewhat bullish phase right now. That in itself is a welcome development for all holders and speculators alike.

NEM Price Tries to Break the Trend

It has been a while since the NEM cryptocurrency and blockchain project was discussed in a positive manner. While it is evident things are not going all that bad whatsoever, it appears things are progressing nicely for this particular altcoin. With the price now moving up again in a somewhat promising manner, there is a good chance NEM will try to retake the $0.05 level at some point. That is, assuming this project can maintain the promising trend for more than a few hours on end.

NEM (XEM)
0,047900 USD (3,83%)
0,00001221 BTC
RANK

20

MARKET CAP

$431,10 M USD

VOLUME

$23,79 M USD

Powered by CoinMarketCap

Over the past 24 hours, the NEM price noted a 4.4% gain across both USD and BTC value alike. This pushes the value back to $0.0479, or 1,224 Satoshi. NEM holders will be quite happy with the way things are going as of right now, although returning to the all-time high of over $1.50 will prove a rather big challenge.  With the trading volume not looking overly impressive either, it would appear the coming hours may prove to be rather crucial.

An uptrend like these will undoubtedly trigger some sort of social media buzz. According to Pazrahn, NEM is one of the projects worth keeping an eye on, assuming one appreciates the risk vs reward angle. However, there is still a very long way to go until things enter a promising phase for NEM in this department. A lot of work has yet to be done first and foremost.

[•] p 🔺 z r 🔺 h n@pazrahn

There’s two crypto’s I really like right now Stellar (XLM) and NEM (XEM). I see both show real potential risk/reward. IBM are a dark horse when it comes to blockchain development and worth watching. #Stellar #NEM #Blockchain #Etherum #Bitcoin #Litecoin #XLM #Crypto

See [•] p 🔺 z r 🔺 h n’s other Tweets

It would also appear there is an effort underway to turn one of Japan’s many islands into a “blockchain island”. What this would entail exactly, remains to be seen, as there are still a lot of aspects which need to be filled in accordingly. Further strengthening a project’s blockchain efforts is never a bad thing, although it may not have any immediate impact on the XEM price for the foreseeable future. The concept seems to gain traction in Japan, though, which is a promising sign

仔ジャックラッセル@ko_JackRussell

#NEM
「宮古島をブロックチェーン・アイランドにする!」が目標
こういうのいいね!https://nemjapan.jp/20190210-miyakojima-event/ 

Twitter Ads info and privacy

宮古島冬祭り2019 #宮古島をアップデートせよ in JTAドーム宮古島 開催のご報告(2019/2/10) – NEM JAPAN

2019年2月10日(日)に、観光閑散期の宮古島の2月を盛り上げるお祭りとして、宮古島を拠点とする有志団体 Mya-hk LAB.(以下、ミャークラボ)が主催す … Read More

nemjapan.jp

See 仔ジャックラッセル’s other Tweets

For those who are merely interested in the price chart, the current momentum is a bit of a mixed bag. It is evident there is some pressure still in place as of right now. Combined with the relatively low trading volume, it seems unlikely much more of an uptrend will materialize in the next few hours. Even so, cryptocurrencies are unpredictable, and this market can easily swing either way.

Kagra🔗NEM_XRP@Jp_Bluma

#nem 現在の状況を確認していきましょう(3.14 15:37)
2月6日の底値から2月24日高値そこからの黄金比率0.618調整をタッチして三角持ち合い上抜けへ接近。まもなく厚雲を上抜ける位置に差し掛かっており、値幅急伸期待、いよいよ明日金曜日の午後が楽しみになってきてるよね~( ゚x゚)ノ #xem

All of the current market signs show things are not looking all that great. More specifically, there is a lot of uneasy market momentum where the top projects are concerned, which will undoubtedly trickle down to smaller alternative markets as well. For NEM it seems the current value of $0.0479 could be sustained, although it will not be for too long if the volume doesn’t improve.

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Nem

NEM Price Targets $0.05 but Lacks Convincing Trading Volume

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It appears most of the bearish momentum forming earlier today has evaporated once again. While it is evident most markets are not out of the woods by any means, there are some interesting price trends shaping up already. The NEM price, for example, is going through a somewhat bullish phase right now. That in itself is a welcome development for all holders and speculators alike.

NEM PRICE TRIES TO BREAK THE TREND

It has been a while since the NEM cryptocurrency and blockchain project was discussed in a positive manner. While it is evident things are not going all that bad whatsoever, it appears things are progressing nicely for this particular altcoin. With the price now moving up again in a somewhat promising manner, there is a good chance NEM will try to retake the $0.05 level at some point. That is, assuming this project can maintain the promising trend for more than a few hours on end.

Over the past 24 hours, the NEM price noted a 4.4% gain across both USD and BTC value alike. This pushes the value back to $0.0479, or 1,224 Satoshi. NEM holders will be quite happy with the way things are going as of right now, although returning to the all-time high of over $1.50 will prove a rather big challenge.  With the trading volume not looking overly impressive either, it would appear the coming hours may prove to be rather crucial.

An uptrend like these will undoubtedly trigger some sort of social media buzz. According to Pazrahn, NEM is one of the projects worth keeping an eye on, assuming one appreciates the risk vs reward angle. However, there is still a very long way to go until things enter a promising phase for NEM in this department. A lot of work has yet to be done first and foremost.

It would also appear there is an effort underway to turn one of Japan’s many islands into a “blockchain island”. What this would entail exactly, remains to be seen, as there are still a lot of aspects which need to be filled in accordingly. Further strengthening a project’s blockchain efforts is never a bad thing, although it may not have any immediate impact on the XEM price for the foreseeable future. The concept seems to gain traction in Japan, though, which is a promising sign.

For those who are merely interested in the price chart, the current momentum is a bit of a mixed bag. It is evident there is some pressure still in place as of right now. Combined with the relatively low trading volume, it seems unlikely much more of an uptrend will materialize in the next few hours. Even so, cryptocurrencies are unpredictable, and this market can easily swing either way.

All of the current market signs show things are not looking all that great. More specifically, there is a lot of uneasy market momentum where the top projects are concerned, which will undoubtedly trickle down to smaller alternative markets as well. For NEM it seems the current value of $0.0479 could be sustained, although it will not be for too long if the volume doesn’t improve.

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NEM Price Rises Quickly as Traders Target $0.05

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s is always the case in the cryptocurrency world, the markets will shift into a higher gear on a dime. Today is no different in this regard, as the top markets have all turned bullish out of the blue once again. A very positive trend, especially for those who like to keep an eye on the NEM price. This altcoin is going through a rough patch right now, yet its price chart shows different momentum.

NEM PRICE SHIFTS INTO HIGH GEAR

It is always good to see the crypto markets flourish, especially during these weekends. Earlier weekends have displayed very bearish trends first and foremost, yet this one seems to be something else entirely. A lot of traders will be happy with how things are going right now. Especially NEM holders have been waiting to see the altcoin reach $0,05 again. So far, the currency is on track to do so.

To put this in perspective, the most recent NEM price surge notes a 6.1% gain in USD value and a 3% increase in XEM/BTC. Because of these gains, one XEM is valued at $0.046 or 1,138 Satoshi. All of these signs seem to indicate there is a lot of bullish momentum brewing. Most of this excitement stems from Bitcoin’s ongoing rise in value, though.

When looking at the current price chart, it is evident there has been a very solid gain. Although this is the chart of this morning, and not the current one, the weekly trend has been bullish all along. Even the most recent setback yesterday failed to disrupt the trend, which seems to indicate this may be the beginning of an extended price run.

XEM Hodl, on the other hand, sees this as the beginning of the major bull run. While this user clearly expects XEM to hit $1 at some point in the future, the altcoin would need a 20-fold increase in value to reach that level. Not impossible by any means, although it will require a lot more bullish pressure on Bitcoin to make something like that happen.

Most of this current momentum seems to originate from the Japanese markets. That is not necessarily a big surprise, as XEM is a Japanese crypto project which is primarily traded across the Japanese exchanges. For the time being, there is a lot of positivity to go around, although this bullish run can easily be negated if Bitcoin goes into sideways trading once again.

All of these market signals seem to confirm today will be a good day for all cryptocurrencies, tokens, and digital assets. NEM will not be an exception in this regard, which will please most of its holders and traders. After a rough period involving the Coincheck hack and a few other kerfuffles with the NEM Foundation, things have begun looking up again for the New Economy Movement project.

News Source: Ethereum World News

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