NEM (XEM)

New Economy Movement (NEM) is a peer-to-peer cryptocurrency launched on March 31st, 2015 and written in Java. NEM has a stated goal of a wide distribution model and has introduced new features in blockchain technology in its proof-of-importance (POI) algorithm. NEM also features an integrated P2P secure, multisignature accounts and encrypted messaging system and an Eigentrust++ reputation system.

1. Basic Info

2. Technical

2.1 Kline Price Chart

2.2 Technical Analysis

The recent trading period shows a fluctuating price action with a gradual downward trend observed. There is an increase in volatility during the period of December 8th to December 12th, characterized by high trading volumes, with a peak on December 9th followed by a significant price retracement. The market seems to have settled into a consolidation phase after the sharp price movements, as volume has decreased since the 12th. There was a strong bearish reversal signal between December 9th to 10th as the price plummeted from a high of 0.048 to a close of 0.02879 with extraordinarily high volume indicating a potential shift in market sentiment and substantial profit taking or selloff. From December 13th to 17th prices made a lower high which indicated a potential distribution process. From December 18th to 20th shows a period of increased volatility and price fluctuations, a slight recovery followed by another decline. A further analysis of December 21st to 24th shows a modest recovery suggesting a balance between buying and selling pressures. The price action from December 25th to 27th displays a slight downtrend with the lowest close of 0.02497 on the 27th. From December 28th to 30th, there was a small retracement with prices bouncing back to 0.02423 but still below the level of December 27th. The beginning of the new year, from January 1st to 3rd suggests a potential change in direction of price as the market price increases from a low of 0.02308 on January 1st to a high of 0.02610 on January 3rd. Following this the price seems to be consolidating as on January 4th the price remained relatively stable with a slight lower volume, however on January 5th there is a slight increase in price but with a dramatic decrease in volume which may be an indication that the small uptick in price may be unsustainable. Overall the trend is mixed and in the short term the price may encounter a period of consolidation or slight increase before more market direction can be established. The price action has been turbulent with no single distinct trend forming however there is an overall suggestion that the price may experience a minor uplift in the short-term.