Judging by the chart over the past month, there is nothing to be overly excited about whatsoever. That is anything but surprising, as the past 30 days haven't been overly impressive for any cryptocurrency. Stability doesn't exist in the cryptocurrency world in 2018, and the NEM price is feeling the brunt of the bearish pressure so far.
To put this into its proper perspective, the NEM has been on a near-constant decline over the past few weeks. Whereas NEM had a value of $0.4 a month ago, it has never returned tot hat price since. Instead, there has been a gradual dip to $0.3, followed by a brief uptrend prior to dipping below $0.25. Over the past few days, this trend has begun correcting itself every so slightly, albeit the altcoin is not out of the woods just yet.
Even so, the 6.73% NEM price increase should not be overlooked by any means. It is a big step in the right direction, which is also facilitated by a 5.57% increase in the NEM/BTC ratio over the past 24 hours. If these trends remain in place, there will be new support level to build on. Volatility still remains a problem in the cryptocurrency industry, though.
Similar to most other cryptocurrencies, NEM has suffered from a sharp decline in daily trading volume . These past 24 hours, just $48.174m worth of XEM has changed hands, which is nothing to write home about. It is possible this trend will adjust itself shortly, though, but for now, all markets continue to suffer from this negative spiral.
As one would come to expect, Upbit still remains a big player when it comes to NEM trading. Its KRW pair is ahead of Zaif's JPY market and Binance's BTC pair. Bittrex takes the fourth spot, whereas Coinsuper is the surprising fifth name on the list. Both of these platforms offer BTC trading, which further confirms there isn't a lot of fresh capital entering the cryptocurrency markets in general.
For the time being, it remains a bit unclear what one can expect from the NEM price moving forward. Considering how there has been a small and steady uptrend over the past few hours, it seems evident more positive momentum may be looming on the horizon. Even so, there is plenty of bearish momentum looming overhead at any given time. Whether or not the NEM price will be pushed down further, remains unclear, but it is certainly possible.
JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.
06/07/2018 / 11:52:30 Source: themerkle