Coin of the day is NEM.
NEM is a peer-to-peer cryptocurrency and blockchain platform launched on March 31, 2015. NEM has a stated goal of a wide distribution model and has introduced new features to blockchain technology such as its proof-of-importance (POI) algorithm, multi-signature accounts, encrypted messaging, and an Eigentrust++ reputation system.
In 2016, NEM jumped in price and become one of the largest cryptocurrency by market capitalization. While the industry was struggling with the DAO hack and recession of the Ethereum, several Japanese banks signed an agreement with NEM to create a payment infrastructure for the blockchain.
The 2018 year which started with the depression all around the cryptomarkets pushed the coin to the lows, almost wiping the 2017-year gains. XEMBTC found a bottom around the 0.00003 level and now is drawing a rebound pattern. The coin had a downward impulse recently, while was facing the consequences of the Coincheck hack and waiting for the G20 crypto-regulation statements.
Coincheck has settled an issue, and G20 summit turned out to be better than expected for the future of the cryptocurrencies.
Hence, the recent decline stopped on the Bullish Trend Line support not reaching the 0.00003 level. XEM jumped off from the support Trend Line accompanied by the high volumes. Now the coin is testing the 0.00004 level once again and if the coin breaks above this level- the downtrend pattern will be violated, and the coin will get one more chance to unfold into a bullish direction.
NEM is a peer-to-peer cryptocurrency and blockchain platform launched on March 31, 2015. NEM has a stated goal of a wide distribution model and has introduced new features to blockchain technology such as its proof-of-importance (POI) algorithm, multi-signature accounts, encrypted messaging, and an Eigentrust++ reputation system.
In 2016, NEM jumped in price and become one of the largest cryptocurrency by market capitalization. While the industry was struggling with the DAO hack and recession of the Ethereum, several Japanese banks signed an agreement with NEM to create a payment infrastructure for the blockchain.
The 2018 year which started with the depression all around the cryptomarkets pushed the coin to the lows, almost wiping the 2017-year gains. XEMBTC found a bottom around the 0.00003 level and now is drawing a rebound pattern. The coin had a downward impulse recently, while was facing the consequences of the Coincheck hack and waiting for the G20 crypto-regulation statements.
Coincheck has settled an issue, and G20 summit turned out to be better than expected for the future of the cryptocurrencies.
Hence, the recent decline stopped on the Bullish Trend Line support not reaching the 0.00003 level. XEM jumped off from the support Trend Line accompanied by the high volumes. Now the coin is testing the 0.00004 level once again and if the coin breaks above this level- the downtrend pattern will be violated, and the coin will get one more chance to unfold into a bullish direction.
