As today’s rather uneasy cryptocurrency market momentum continues, it remains to be seen what the future will hold for most markets. The NEM price, while often overlooked by a lot of people, is seemingly noting some strong gains as of late. Although the momentum is not exceptional or spectacular by any means, a lot of holders and traders will be pleased with the current progress. If it can be sustained, today may be a positive time for this particular altcoin.
NEM Price Momentum Seems Promising
It is evident all of the markets in the top 25 often rely on Bitcoin’s momentum first and foremost. As the world’s leading cryptocurrency faces yet another minor wave of bearish pressure, there is nothing to get overly excited about. However, not all markets within the top 25 are following Bitcoin’s trend, which is pretty interesting to keep an eye on. When even NEM notes some decent gains, one knows things will get pretty interesting in many different ways.
Over the past 24 hours, the NEM price successfully gained 1.96% in USD value and 2.21% on Bitcoin. Both of these trends push the current value to $0.051448, or 1,282 Satoshi. A very promising development, especially considering how the overall trading volume is pretty weak. Considering how $14m in volume will not get any market traders excited, it seems to be sufficient to keep this trend going for a while. At the same time, a bearish trend can materialize at any given time.
The big news of this week for NEM is how there is some public feedback opportunity involving the project’s Catapult system. As this new feature will be an integral part of the NEM ecosystem moving forward, collecting feedback from the public is always a good way to see where things stand. There also appears to be an indication the consensus mechanism will be changed to Proof-of-Stake+, which sounds pretty interesting, all things considered.
— トレスト (@TrendStream) March 24, 2019
It would also appear NEM is gaining a lot of traction in Ukraine as of late. When it comes to blockchain technology and cryptocurrencies, Ukraine has proven to be a very interesting and prominent region in recent years. It is a bit unclear why NEM is gaining traction over there all of a sudden, but the development is pretty interesting, all things considered.
There is a pile of good news #NEM Ukraine has for the community! Check out all the updates the team has for all of us by clicking the link
— NEMロック＠XEMロック (@qerfghjertyuss) March 24, 2019
For those who are merely interested in the NEM value chart itself, it seems the current uptrend is not necessarily set in stone by any means. More specifically, it appears there is still a lot of resistance looming ahead, which may prove rather difficult to break through. Assuming NEM doesn’t break through those levels, it seems unlikely major gains will materialize in the future.
— ほなねむ@NEM (@honanem) March 24, 2019
Based on the current market circumstances, one would expect the NEM trend to continue for quite some time to come. However, the weak trading volume, combined with the resistance levels waiting to be broken through paint a rather bleak picture for NEM today. While there is always a chance the momentum will take a completely different direction, the current trend lacks any real conviction by the look of things.
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.