NEM Price Notes Solid Gains Despite Foundation Woes

NEM

These are not the most exciting times for cryptocurrencies, altcoins, tokens, and digital assets. That is only normal, as one has to wait until Bitcoin moves up again before the rest can follow. Despite facing a lot of other pressure as well, the NEM price is currently going through a bullish period. Solid gains across the board push the value up quite nicely at this stage.

NEM Price Momentum Turns Bullish

There are a lot of things to be concerned about where NEM is concerned. Although the underpinning technology still works just fine, the NEM Foundation may meet its demise fairly soon. The recently announced expected budget cuts confirm how big the bearish market is impacting different projects all over the world. Although the development of NEM will continue without too many problems, it is putting a lot of strain on this market.

Over the past 24 hours, the NEM price has risen by 10% in both USD and BTC value. A bit of a surprising development, especially when considering how Bitcoin is still stuck in sideways trading. The recent push brings the NEM value back to $0.0037981. In Bitcoin terms, the price has returned to 1,114 Satoshi, which looks a lot better compared to just a few weeks ago. This doesn’t mean the bull run will be continued indefinitely, though.

On social media, there is some more news regarding the current NEM Foundation problems. More specifically, it has been calculated 210 million tokens will need to be bought to keep the development ongoing by 2020. It would cost roughly $5m to effectively do so. Assuming prices won’t move up between now and then, the coming two years will undoubtedly put a lot of negative pressure on a lot of projects.

When looking at the actual price chart right now, it quickly becomes evident the daily top may have already been reached. When the price peaked at just over 1,115 Satoshi, there was a very sharp retrace almost immediately. Even though a new rebound followed afterward, this up-and-down momentum cannot be sustained for very long. Those who made a profit will undoubtedly get out pretty soon, based on the current overall market trend.

There has been a recent discussion on Twitter regarding tipbots and cryptocurrencies. Although many people wouldn’t mind seeing a Bitcoin-oriented version of this implementation, there is a precedent already. NEM Has seemingly been involved in some sort of trial to do exactly this, although it is a bit unclear if that involved social media tipping on a large scale. Even so, there is an argument to be made for using different currencies in correlation with Twitter tipbots.

All of the market signals send a rather bearish outlook for altcoins and tokens. However, the NEM chart clearly shows this trend can be bucked without too many problems. Sustaining any uptrend has proven nigh impossible for altcoins throughout 2019, but things can always change at any given moment. For the time being, it seems as if the NEM uptrend might remain in place for a few more hours, assuming the trading volume doesn’t collapse all of a sudden.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Image(s): Shutterstock.com

Publication date: 
02/07/2019 - 14:57
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