The cryptocurrency asset NEM (XEM) has seen significant price appreciation today. According to posts by X user GlobeOfCrypto, the current price stands around $0.38. More importantly, the price chart shows XEM breaking out from a falling wedge pattern on the weekly timeframe.
As GlobeOfCrypto stated: “$XEM Breaking Falling Wedge in Weekly TF. Successful break out can initiate 200-250% Bullish move !!!”
If XEM can close the week above the $0.04 level, this would confirm the breakout and point to further upside of 200-250% from current levels, per the analyst’s chart.
What is NEM (XEM)?
NEM is a blockchain platform that launched in March 2015, making it one of the earlier pioneers in the cryptocurrency space. The developers sought to improve on certain limitations found in other blockchain projects at the time.
Some key features of NEM include: user-created tokens (mosaics), namespaces, multisignature accounts, and a peer-to-peer reputation system. By building these capabilities natively into the blockchain, NEM aimed to empower developers and users to utilize the platform for a variety of decentralized applications.
The recent price surge indicates renewed interest in this early crypto asset. If the breakout continues as GlobeOfCrypto anticipates, XEM still has substantial room to run to reclaim its all-time high price. Traders will be closely monitoring the weekly close to see if bullish momentum carries into next week.
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