Why NEM (XEM) Got +12% In Last 24 Hours? - NEM Price Analysis. Tuesday, October 2nd
Price Analysis: NEM Outstanding Performance
The Month of October couldn’t have started any better for NEM enthusiasts. The day has seen the coin shoot by 7% in the last 24 hours, making it one of the best performing coins of the day. At the time of press, the coin is trading at $0.104162 with a market cap of $937,456,710. So, could this signal a good month for NEM holders?
Ever since NEM slipped below the $1.00 mark couple of months ago, the coin has been struggling to get above it again. It only came close to hitting it back in March when it surged to $0.50, just halfway the mark. This has been its resistance level, and it only if the price breaks it will it hit the $1.00 mark. It is common that when coins break a resistance level, they trigger a demand for the coin and send prices soaring. However, NEM is still far from this. But not as far as it is from its all-time high. On January 04, the coin hit its all-time high of $1.90. This was a major achievement for the coin but the celebration was short lived as it slipped back to $1.66 by the next day and would not record anything above $1.00 up to the writing of this.
Currently, it is trading around $0.11 and is still going up. And while the whole cryptocurrency market seems to be correcting slightly soon within next days, with top coins losing the value slightly in last 24 hours, XEM is still on the green side of charts.
What Does NEM offer?
NEM boasts of one of the most unique technological features in the industry. Where most projects use Proof of Work (PoW) algorithm, Proof of Stake (PoS) algorithm or both, NEM uses Proof of Importance (PoI) blockchain algorithm. This means it's not just about working or owning something, it's about the quality of work.
The project has also partnered with over 40 projects around the world. Some of the most recent partnerships include; a forged partnership with Oath- a standard blockchain governance protocol, and as we reported, Gifto-the world’s largest blockchain-based decentralized application (dApp) ecosystem.
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