Bitcoin
BTC$60 032.76

-2.11%

Ethereum
ETH$3 989.05

-3.01%

Binance Coin
BNB$469.93

-2.46%

Tether
USDT$1.000447

0.02%

Cardano
ADA$2.10

-2.38%

Solana
SOL$187.59

-3.86%

NEM (XEM) Finally Comes to Life


In 2018, many expected that NEM (XEM) would become the next superstar altcoin, mainly because it had promising core fundamentals, which came in the form of the multi-ledger system, and a competent team that carried out appealing business and marketing campaigns. But it was not meant to be as the organization has had financial scrutiny that forced a large layoff and severely undermined the token economics.

XEM has its eyes on higher prizes


Despite the fact that NEM has failed the initial expectations, there is still a glimmer of hope for those who want to see that altcoin take a long trip to the upside. The thing is that NEM Foundation has had plans to launch a mainnet on the basis of a new SYMBOL blockchain, and introduce the token of the same name to the ecosystem, sometime this year. The initial announcement said that the launch would take place in H1 of 2020, but, apparently, the coronavirus pandemic had upset that applecart.

But now, seeing how the cryptocurrency market in general, and its main driver, Bitcoin, in particular, are heading head-first into the bullish rally, the probability of XEM following its suit is becoming far greater. If the team confirms that the mainnet launch won’t be postponed to 2021, there is a good chance that traders will see XEM riding the bullish impulse, first to $0,08 and then to $0.15, which could be the highest price target for this year.      

1-week XEM/USDT chart

The first good sign for the bullishly-oriented XEM traders is that the price has performed a decisive breakout to the upside from the confines of the descending triangle formation that is considered a strong bearish pattern. In doing so, NEX has also risen above the 99-period moving average for the first time in almost two years. It is crucial for the price to stay above that MA for the bullish rally to occur.

However, traders shouldn’t forget that NEM still has a lot of room for further price descent since the all-time low, which many altcoins reached during the Black Thursday, is still far away at $0.000079. Even though XEM has finally shown some signs of life, the possibility of this bullish move ending up being a “fakeout” remains high. 

But, as you can see, the breakout is still young as it yet to go through the phase of traders’ remorse, or a support retest. Therefore, the next two to four weeks will be crucial for determining the underlying intention of market participants.

Let’s switch to the daily time frame to get a better understanding of how the breakout is unfolding. After going past the upper line of the triangle, XEM established a foothold at $0.054 by testing this level several times and then got a 17% bullish charge that took the price to its current level at $0.06.

1-day XEM/USDT chart

While heading to strong horizontal resistance at $0.068, NEM encountered an obstacle at 0.786 Fibonacci retracement level, the structure which the price has been respecting since the start of the rally.

On this time frame, we predict a common retracement to $0.06, followed by another dash to the upside - a chance for 8% profit - at which point XEM could grab hold of the support at $0.07.

Author: Alex Paulson for Crypto-Rating.com

Related

NEM (XEM): The Buyers Are Flexing Their Muscles
NEM (XEM): The Buyers Are Flexing Their Muscles
NEM (XEM): The Correction is Gaining Momentum
NEM (XEM): The Correction is Gaining Momentum
NEM (XEM) Stays in a Dull Consolidation
NEM (XEM) Stays in a Dull Consolidation
NEM (XEM) Dubious Recovery After a Death Cross
NEM (XEM) Dubious Recovery After a Death Cross
XEM: shot down at the takeoff
XEM: shot down at the takeoff
What will happen to NEM's price
What will happen to NEM's price
NEM Price Prediction
NEM Price Prediction

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 63.6% 74 $60 032.76 -2.11% -1.50% $1 131 802 049 382 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.4% 59 $3 989.05 -3.01% 4.71% $470 948 938 919 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 71.6% 62 $469.93 -2.46% 0.52% $78 385 216 501 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000447 0.02% 0.09% $69 605 178 895 USDT 7 days price change
5 Cardano (ADA) ADA Cardano predictions 86.8% 13 $2.10 -2.38% -2.74% $69 174 273 027 ADA 7 days price change
6 Solana (SOL) SOL Solana predictions 70.4% 56 $187.59 -3.86% 17.09% $56 455 905 240 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 75.2% 49 $1.063738 -2.10% -5.03% $49 938 635 685 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 61.6% 82 $41.55 -4.26% -0.40% $41 029 792 344 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 72% 60 $0.261327 4.69% 10.43% $34 450 251 548 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000452 0.01% 0.09% $32 589 972 835 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 70% 61 $40.06 -6.21% 7.93% $16 078 547 993 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 78.4% 43 $25.49 -4.26% -3.47% $15 592 349 712 UNI 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 54.8% 92 $0.000038 12.93% 47.19% $14 846 178 540 SHIB 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 71.2% 61 $62.43 -4.16% 10.20% $13 751 801 922 AVAX 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 74.8% 50 $29.06 -5.36% 8.54% $13 396 474 820 LINK 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.