NEM Price Up By 17% – Time To Buy XEM?

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Blockchain technology was created to facilitate the transfer of value on a peer-to-peer (P2P) basis while eliminating the figurative ‘middleman.’

While it has been largely successful in achieving this goal, it has exposed another layer of issues; blockchain protocols are operating in isolation making value transfer difficult and cumbersome.

The NEM blockchain addresses this issue by operating an interoperable blockchain that allows both public and private blockchains to communicate efficiently. With interoperability becoming a focal point in blockchain tech, XEM token is seeing significant gains.

But this should not inform your investing decision. This article will cover what the NEM blockchain hopes to achieve and if it is a wise investment decision to buy XEM now.

NEM: Smart Asset Blockchain

nem price chart JuLY 6

NEM stands for ‘New Economic Movement,’ which was founded by another set of pseudonymous characters only known by their Bitcointalk.org forum identities.

From the ground up, NEM has always focused its attention on enterprise-level businesses, and it seeks to create a blockchain platform where asset management and transfer are seamless.

According to the project team, NEM wants to become the missing link between permissioned (private) and permissionless (public) blockchain platforms by making both protocols interoperable to increase their use case.

Users of the NEM protocol can easily transfer any digital assets, including tokens, contracts, or files, without spending so much time validating records.

Aside from this, NEM is set up so that private networks can transfer value over a public network to another private network, all with the tap of a button. This innovative approach to solving the interoperability question has seen users nickname NEM the ‘smart asset blockchain.’

Meanwhile, NEM’s NIS1 works similarly to Bitcoin. Transactions on the network are run through independent validator nodes distributed across the globe.

Validators are also incentivized to ensure that the blockchain remains incorruptible, and they are rewarded with the network’s XEM token.

Not going the traditional route in consensus algorithm, NEM uses the proof-of-importance (PoI) protocol. Validators are selected based on the amount of time and resources they have locked into the NEM protocol.

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XEM: Breaking Through The Bitcoin Effect

Every crypto investor knows that Bitcoin plays an Alpha role in the emerging industry. This is because its ebbs and flows also impact small-cap cryptocurrencies like XEM.

Bitcoin commands a sizable chunk of the market, and the world’s first digital currency has been duly appreciated for its contributions. But in the last few weeks, the top virtual currency has served as a drag to the potential growth of other assets in the nascent sector.

However, XEM and several enterprise-driven protocols are gradually breaking through the Bitcoin resistance and carving a market niche for themselves. This has largely been due to the energy concerns surrounding Bitcoin mining.

At press time, XEM is seeing positive price action with the digital token trading at $0.1388, up 17.49% in the last 24 hours. This rally has driven market confidence up, and more investors are looking to buy XEM.

Today’s numbers do not tell the whole story of XEM’s performance in the last six months. Coming into the year at $0.22, XEM shot up to a half-year high of $0.7082 on March 7 before tapering out. It has continued to test the resistance level of $0.47, but it has been largely unsuccessful.

With a major rally in the last 24 hours, it might just be the time to buy XEM and rise with the market.

XEM Technical And Fundamental Analysis

On the technical side, XEM is on a bullish run. The digital asset is trading above the short-term 20-day moving average (MA) support price of $0.1242. The relative strength index (RSI) currently stands at 54.11, indicating a market sentiment-building momentum.

Analysts are also bullish on the token, with Wallet Investor predicting a year rise to $0.286. Its five-year forecast is even more daring, with the analyst putting XEM at $0.935.

The NEM blockchain has also expanded its offering to attract more businesses. In a release, the company said it was launching a proof-of-stake blockchain platform called Symbol. This will also enable interoperability between public and private blockchains while adding cross-chain swapping of value.

Added to the feature-rich offering, businesses can easily integrate the blockchain into their existing processes and build special-purpose digital assets such as tokens representing stocks, securities, signatures, and several others.

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About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.