Nem (XEM) Digest: Upgrading their platform and ecosystem with such fervor and dedication should pay off in the long run
Pricewise, NEM’s XEM token saw all sorts of action during the previous month. It went through a steady climb throughout late September/early October, rising from $0.0845 on the 18th to $0.1121 on October 2nd behind a trade volume of $27 million. This high was retested a couple of times afterwards before punching through on the 10th, reaching $0.1282 at the peak of this breakout. This move was short lived as XEM plummeted the same day and reached a monthly low of $0.09 on the 12th. The currency has since recovered slightly and shifted into a sideways pattern in the last couple of days.
At the moment of writing XEM can be purchased for $0.093863 USD (-1.64% drop in the last 24 hours)/0.00001454 BTC (-0.74% drop in the last 24 hours). This value is 94.89% lower than the currency’s all-time high of $1.90. However, NEM did grow 9.69% in the last 30 days. Daily trade volume is at $4,905,645, most of it coming from Kryptono, Binance, Zaif and Exrates. With a market cap of $871,398,841, NEM is currently the 17th most valuable cryptocurrency project out there.
ForecastCity thinks that there is a possibility of an uptrend forming with NEMBTC:
“Technical analysis:
- NEM/BITCOIN is in a range bound and the beginning of uptrend is expected.
- The price is below the 21-Day WEMA which acts as a dynamic resistance.
- The RSI is at 44.
- While the RSI downtrend is not broken, bearish wave in price would continue.
- The price downtrend in the daily chart is broken, so the probability of the resumption of an uptrend is increased.
Trading suggestion: There is a possibility of temporary retracement to suggested support zone (0.00001430 to 0.00001200). If so, traders can set orders based on Price Action and expect to reach short-term targets.”
NEM released a Foundation Update just a couple of weeks ago, in which they detailed several ongoing efforts that the team is undertaking. Besides announcing that the delayed plan regarding on-chain elections will be communicated soon, the team announced that the foundation update will shift into a monthly publication pattern and will get a new format that will “improve how information is shared.”
The update contains a list of events, hires and expansions that NEM completed during the last month in Argentina, Australia and New Zealand, Brasil, China, Europe, Hong Kong, Japan, LATAM (Latin America), Malaysia, Mexico Middle East, North America, Peru, Philippines, Thailand, Ukraine, Vietnam and Venezuela. Partnerships with universities, developer workshops, hackathons, conferences, partnerships, meetups, parties, speeches, listings, launches, releases and much more can be seen on this extensive list which you can check out in full here.
NEM’s ecosystem continues to grow with unaffected intensity. Recently we saw a partnership with NOIZchain which will provide a cost-effective way to collect, store and validate information for this marketplace for online advertising information. NOIZchain will use NEM Catapult to create its permission-based blockchain network which will store data collected from cognitive ads as well as consumer personal data. NEM describes the partnership as follows:
“As NOIZchain takes on the role of data custodian for the online advertising industry, NEM will power NOIZchain with super-fast transactional processing times and minimal costs for advertisers and publishers whilst enabling consumers to control and monetize their information.”
Kind Heaven, the immersive entertainment experience opening next year on the Las Vegas Strip, recently announced it has selected NEM as its blockchain partner. NEM will help Kind Heaven integrate the blockchain technology with its platform, with Asta serving as the official development partner.
Kind Heaven @kindheaven selects #NEM to power #blockchain integration? https://t.co/c9pGYTGg1k
— NEM (@NEMofficial) October 16, 2018
“When Kind Heaven began evaluating blockchain partners, we knew we needed a top-of-the-line platform to provide a secure, streamlined user experience,” said Cary Granat, CEO of Immersive Artistry, one of the creators of Kind Heaven. “Experiences at Kind Heaven will be unlike anything seen before, and we believe NEM provides an ‘A-level’ approach and a top-of-the-line, proven system to make this possible.”
NEM Malaysia also saw an important partnership established as a MoU was signed with administrators of aCAT. This MoU will ultimately result in NEM creating a Blockchain Hub in Malaysian state of Penang, with aCAT providing the space required for this hub to exist and provide blockchain knowledge. The mentioned aCAT is a community of startup entrepreneurs, creative people and techies in Penang that also has a collaborative co-working space and offers mentorship, incubation, workshops, events, networking and corporate innovation labs. The partnership will be mutually beneficial as it will provide a potential entry point into the blockchain world to aCAT, who are extremely interested in how this technology can help them grow their enterprise even further.
Another blockchain hub was opened by the foundation, this time in Melbourne. NEM Australia lead Jian Chan said that Melbourne has established itself as “one of the strongest blockchain communities in Australia” and therefore creating this hub was the logical thing to do. Jason Lee, NEM’s expansion director for Australia and New Zealand, added that the team noticed the strong network of blockchain startups and entrepreneurs currently present in Melbourne and confirmed that NEM wants to be “near that activity”.
XEM holders and potential holders recently got an announcement that they will probably enjoy. On October 19th, 00:00 UTC+0 the token was listed on COBINHOOD exchange, allowing users to deposit, withdraw and trade XEM on the platform. At the moment, XEM/BTC and XEM/USDT trading pairs are currently available on this zero fee, secure and user friendly exchange. Interestingly enough the launch was announced at the same time as the COBINHOOD’s margin trading feature, meaning that XEM holders could be shorting/longing their favorite asset soon enough.
As they’ve accustomed their holders and fans recently, NEM once again delivers a hatful of positive developments and updates to its fans and investors. Further upgrading their platform and ecosystem with such fervor and dedication should pay off greatly in the long run.
