Bitcoin
NEM (XEM) Price Technical Analysis: A Steady Climber
NEM is one of the cryptocurrencies gaining popularity on the coat-tails of the Bitcoin and Ethereum(s) of the cryptocurrency sphere.
NEM is a peer-to-peer crypto platform that launched on March 31, 2015, after a very lengthy and comprehensive testing phase that started in June of 2014.
It’s written in Java and JavaScript with 100% original source code and has introduced new features in blockchain technology in its proof-of-importance (POI) algorithm, an integrated P2P secure and encrypted messaging system, multi-signature accounts and an Eigentrust++ reputation system.
By NEM implementing the innovative Proof-of-Importance, which distributes awards based not on the sacrificed amount of computational capacity or the size of a user’s stake, but on their actual involvement in the network’s life. NEM seeks to achieve the goals of equality, financial freedom, and decentralization in its cryptocurrency.
In terms of market capitalization, NEM is now number six with $14.7 billion. While most of the cryptocurrency market slowed down over the Christmas holiday season, NEM made some impressive gains without instigating too much media hype. The gains have been slow, steady, and very consistent.
Chart #1: NEM Weekly
Chart #1 above is a weekly price chart for NEM which shows eight straight weeks of weekly gains from early November 2017 through to the new year.
NEM went from $.1649 November 13th to an all-time high of $2.11 on New Years Day 2018. This amounts to an increase of 1179 percent.
With the start of a new year is prompting investors to consider the cryptocurrency market as part of their portfolio re-alignment in light of the massive gains made by some of the cryptocurrencies, NEM is poised to continue its upward movement.
While some of the more popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin, are considered by many investors as extremely over-bought, some investors may even opt to start taking profits off the table and placing the realized capital into up and coming assets that have room for growth.
NEM is still priced below $2.00, unlike some of the high-flyers that are priced in the hundreds or thousands of dollars range. This makes it a very attractive investment with little downside risk, and very high upside potential.
Chart #2: NEM Daily
Chart #2 above shows the daily price action for NEM. Its been consolidating in a range following a price surge which started on January 2nd.
A similar price pattern occurred in early December 2017. NEM is currently trading at the lower end of the consolidation range, which makes this a decent entry point for a long position. We will be watching NEM closely.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of coinmarketcap.com