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.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Source: Read Full Article