The New Market Movement’s (NEM) – XEM objective is to transform the blockchain ecosystem. NEM is not a platform, but rather an ecosystem of platforms that use encryption and blockchain technology to provide solutions for businesses and individuals.
It is a fork of the popular cryptocurrency and payment network NXT. NEM is a cryptocurrency that was created in 2015. NEM is the brainchild of nem.io, a Singapore-based non-profit. The development team chose to take the project to the next level after the fork by building its own codebase and adding new features. As a result of the team’s efforts, NEM has become far more scalable and faster. As a result, the platform looks nothing like the original NXT.
Proof of Importance (POI)
The NEM (XEM) blockchain’s Proof of Importance (POI) technique is a one-of-a-kind character that adds to its high efficiency. The Proof-of-Work mechanism is one of the most widely used staking strategies in the crypto world, but it is also an energy-intensive procedure, making it inappropriate for cryptocurrencies. The NEM blockchain is significantly more efficient thanks to its POI system, which gives higher weight to how much users have spent in XEM as indicated by their wallets and holding duration. It’s comparable to the Proof-of-Stake method, which is the second alternative to the Proof-of-Work mechanism, in that POI evaluates nodes using a variety of criteria. Transactions, currencies, and activity clusters are among the other criteria taken into account.
Price Movement – NEM (XEM)
Before the crash in March, the coin was being traded at the price of $0.8645. It later fell down to the price of $0.0852. It still hasn’t shown any strong movement and is still being traded at the bottom. At the time of writing this article, The NEM (XEM ) is being traded at a price of $0.1309. The price has almost increased by 3% today. On the monthly time frame, we have seen a decrease of almost 25%. Today, it has achieved its new ATH.
The Total volume at the moment is $175,714,387 with an increase of 6% in the past 24 hours. The coin is listed on coinmarketcap on the 85th spot and has a market dominance of about 0.05%.
XEM has a finite supply, the total supply of the coin is around 9B and has the same circulating supply.
Price Prediction – NEM (XEM)
In the long run, XEM is a highly good opportunity. According to the wallet investor, the price of XEM is to reach a value of $0.251 in a year. For a five-year plan, the price will reach a value of $0.692. The way the price of XEM has grown, the traders are even more bullish on the value and they think that it will reach even more.
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 Technical Analysis
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.
NEM (XEM) suffered from decreased bullish momentum during the bull run of 2021 as it could not establish a new all-time high. The 52-week high was recorded at $0.86 during the peak of the bull run. The cryptocurrency has been suffering from major bearish momentum ever since. At the time of writing, NEM coin stands at a price level of $0.12. The price and trading volume of the cryptocurrency is declining in the daily timeframe.
The market outlook for Nem coin is bearish. Out of the total technical indicators, thirteen are standing at a position of sell with nine neutral indications and only four signals of buy. The oscillators suggest stagnant price movements while the moving averages indicate a strong downtrend.
Nem crypto had been operating in a falling wedge formation – which is a bullish pattern. The cryptocurrency has completed the formation and has broken out of it. The break out has been confirmed to the upside. Although XEM market is strongly bullish, the consolidating price movements coupled with the falling wedge formation may indicate the onset of bullish momentum in the market for Nem.
What is NEM (XEM)?
NEM or the New Market Movement has a visionary goal of transforming the blockchain ecosystem. NEM is not a platform but rather an ecosystem of platforms that are working towards utilizing cryptography and the blockchain technology to provide solutions for businesses and individuals.
The development team of NEM is highly active and is undertaking various projects. NEM inaugurated the NEM Ventures Ignite Incubator Program to incentivize the development of the new economy. NEM also launched the mainnet of Symbol which will aid the evolution of the blockchain technology. The Symbol mainnet transforms NEM into a two-chain ecosystem. It will also act as a bridge between businesses and blockchain while increasing interoperability. The developments going on in the ecosystem may also help the cryptocurrency in the trend reversal.
