With most cryptocurrencies still in the red, it remains to be seen what the future will hold. For NEM, things look pretty interesting at this stage, although it is too early to get overly excited. With the current gains in place, the currency peaks above $0.1 once again, which is rather interesting.
NEM Price Stays in the Green
It has not been the best of years for cryptocurrencies, which has also caused the NEM price to suffer significant losses. Despite the negative pressure, the project is well on its way to regain the $1bn market cap level in the coming days. This is partially because of the ongoing price rise affecting this particular altcoin.
With a solid 4% gain in USD value and a 4.5% increase over Bitcoin, NEM is showing there is life left in the altcoin industry. All of this has materialized with virtually no trading volume, as just $7.1m worth of XEM has been traded over the past 24 hours. Binance and Zaif are leading the pack in this regard, with B2BX completing the top three.
According to the current social media trend, there is still plenty of excitement regarding the NEM Name Service. That solution is being developed through a partnership with Portal Network. It is a major development for this particular project, albeit it remains to be seen if that alone is sufficient to push the NEM price to new levels in the coming months.
— Portal Network (@itisportal) October 7, 2018
Traders and speculators keep a close eye on the current NEM price action. PerfCrypto claims NEM has effectively broken out of a descending triangle pattern, which is usually a bullish price indicator. At the same time, there is still plenty of resistance across the order books. Breaking those levels with nearly no volume won’t come easy, for obvious reasons.
— Perf₵rypto (@perfcrypto) October 7, 2018
In the cryptocurrency world, Ponzi schemes and scams are quite commonplace. It seems NEM users are being targeted by a project called “FreeNEM”. It is best to avoid schemes like these, as they will usually cost the end user a lot of money for no financial gain. It is possible the project is perfectly legitimate, although “free’ and “cryptocurrency” do not go hand in hand.
— Chi-J(ちぃ)の備忘録 (@ChiJ2469) October 7, 2018
Based on the current market conditions, there is no reason for the NEM price to drop below $0.1, At the same time, cryptocurrencies have been unpredictable first and foremost, and anything can and will happen at some point. For now, the lack of trading volume is worrisome, although it has not hindered NEM’s price action all that much.