All of the top cryptocurrencies are going through a minor dip at this stage. Given the positive weekend, that is not entirely abnormal. One notable exception is the NEM price, which has successfully noted some strong gains. Although a new all-time high remains well out of reach, every positive change has to be taken in stride.
NEM Price Targets $0.1
It seems years ago since NEM hit a value of $1.5 per token. A lot of things have changed ever since, and the bearish cryptocurrency market has not allowed too many positive things to happen. Instead, all cryptocurrencies lost tremendous value over the past nine months. NEM Has also gotten some bad news in terms of an exchange getting hacked and losing a lot of XEM in the process.
Despite this negative pressure, it appears things may turn around for this altcoin. The NEM price has noted a strong gain in both USD and BTC department. At this time, it appears to be a matter of time until XEM surpasses $0.1 again, though remaining above that mental barrier may prove to be a bigger challenge than originally anticipated.
As is usually the case, NEM is a very popular cryptocurrency in Japan. This can be seen from its trading volume on the Japanese Zaif exchange, where it can be bought and sold with JPY. Binance and B2BX are also contributing a fair amount of volume as of right now, further indicating the NEM price trend may continue for quite some time to come.
Looking at social media, it is evident big things are happening for NEM at this stage. A new partnership with Portal Network will ultimately lead to the creation of a dedicated NEM Name Service. Various cryptocurrencies have their own Name Service in this day and age, thus NEM cannot be left behind.
— Portal Network (@itisportal) October 1, 2018
Traders and speculators have been waiting to see the NEM downward triangle being broken. It seems that is happening at this time, as the push above 1,500 Satoshis ushers in a potential long-term bull run for this altcoin. At the same time, the declining Bitcoin price may disrupt this momentum in the coming hours, as all other cryptocurrencies are reliant on Bitcoin’s momentum.
Every time a cryptocurrency goes up in value, it is a matter of time until a new correction sets in. For NEM traders, there is no reason to be concerned yet, as these small-time gains do not warrant any real correction at this stage. Even so, the markets hardly ever respond in a rational manner, and it will be interesting to see what the future holds for XEM.