NEM Price Analysis: The Foundation and XEM are on a Strong Road to Recovery
- NEM (XEM/USDT) has jumped a chunky 18% over the last four sessions of consecutive gains.
- The NEM community is very much optimistic about the organization’s restricting plan.
NEM: Recent Price Behavior
XEM is maintaining strong upside momentum, as the price prints fresh highs for March. XEM/USDT is currently running at its fourth consecutive session of gains, having advanced as high as 18.5% within this period. The march north has been observed since the NEM Foundation released the restructuring plan. It had somewhat of a hopeful tone, which the community has taken a warm liking to hence the buoyant XEM price.
The bulls are attempting to break down a chunky area of supply, which has prevented greater upside possibility. Sellers are camped from $0.050000 up to $0.0520000; the price has not been above this zone since 27th January 2019. In terms of rejections, starting with the most recent, they have been observed on 14th March, 9th March and 24th February. The bulls were stopped on each of the noted areas.
Recap – NEM Restructuring Details
As previously covered by Hacked, earlier in the month the NEM team decided to restructure its organization by working on a reduction in its operational costs. To achieve this, the organization reduced its staff numbers. The NEM Foundation team obtained $8 million in February, which will release 210 million of XEM tokens from its reserve. The critical community members of NEM approved it.
NEM Foundation president Alexandra Tinsman recently commented: “I think this is a vote of confidence that the industry is moving forward and that we are ready to pivot to a very new way of working. It’s in the best interest of the companies to be fiscally responsible with the platform, their products and their teams. We need to be, and that’s what we have done. This is a sign of good things to come.”
Technical Review – XEM/USDT
As detailed earlier, the bulls are at the time of writing attempting to break down a critical zone of resistance. A daily break and closure above the $0.050000-$0.0520000 range could be very inviting to see another wave of buying pressure. Should the bulls manage to force a move north of this level, then eyes will be on the next area, the $0.060000 territory. XEM/USDT last traded up here mid-January, before losing much ground and dropping to fresh all-time lows.
Furthermore, a clearance of the noted could allow the bulls to return to levels seen at the start of the year. The price is still trading down 25% on the year; XEM/USDT started 2019 up at the levels of $0.0662000. Finally, in terms of support, there are only just a couple of small barriers protecting a retest of the all-time-low area, $0.0350000. The zones of demand observed at; $0.0450000 and then $0.0400000.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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