Bitcoin
BTC$70 607.24

2.03%

Ethereum
ETH$3 561.34

1.14%

Tether
USDT$0.999965

0.03%

Binance Coin
BNB$583.24

2.15%

Solana
SOL$185.45

1.48%

XRP
XRP$0.629879

2.52%

NEM (XEM) Finally Comes to Life


August 2020

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 in January 2020: shot down at the takeoff
XEM in January 2020: shot down at the takeoff
What will happen to NEM's price
What will happen to NEM's price
NEM Price Prediction for November 2019
NEM Price Prediction for November 2019

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 79.2% 43 $70 607.24 2.03% 5.83% $1 388 617 170 966 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 77.2% 48 $3 561.34 1.14% 1.15% $427 616 397 332 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $0.999965 0.03% 0.02% $104 450 557 345 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 64% 79 $583.24 2.15% 3.78% $87 215 437 052 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 58% 89 $185.45 1.48% -0.21% $82 394 904 357 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 84% 31 $0.629879 2.52% -1.42% $34 570 449 990 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 96% 2 $0.999918 -0.02% -0.01% $32 225 189 704 USDC 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 64.8% 68 $0.218594 18.03% 39.45% $31 402 035 656 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 67.6% 67 $0.653594 2.59% 1.65% $23 255 837 326 ADA 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 57.2% 88 $54.51 1.26% -1.95% $20 574 426 056 AVAX 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 57.6% 94 $0.000032 5.70% 13.48% $18 700 268 155 SHIB 7 days price change
12 Toncoin (TON) TON Toncoin predictions 59.2% 88 $5.04 0.27% 21.77% $17 480 637 001 TON 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 76% 52 $9.49 0.17% 0.48% $13 543 252 177 DOT 7 days price change
14 Bitcoin Cash (BCH) BCH Bitcoin Cash predictions 70.4% 60 $576.03 7.00% 37.12% $11 337 288 440 BCH 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 79.6% 42 $19.30 0.33% 3.33% $11 331 417 648 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.

© 2015-2024 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.