Symbol Price Up By 3.26% – Time to Buy XYM?
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- COMSA launches network-wide royalties powered by Symbol, encouraging investors to buy XYM
- BTCEX Japan lists XYM, further expanding the virtual asset’s appeal
- Symbol’s sister network NEM protocol partners Valkyrie Funds in securing $700 million treasury funds
The crypto market has faced a severe bearish trend in the last few weeks. However, the industry is catching some tailwinds as more investors are onboarding. One project making waves is the enterprise-focused blockchain protocol Symbol. The crypto project’s modest rally has emboldened several investors to buy XYM.
While this may result from the crypto market uptrend, the Symbol blockchain has its growing fundamentals to thank for the change in fortune.
COMSA Makes Remarkable NFT Partnership
Japanese-based tech company Tech Bureau has been interfacing in the crypto space since it launched COMSA in 2017. COSMA provides tokenisation for individual, group, and organisational assets.
Following up on a remarkable four-year growth, COMSA has announced a new partnership with the Symbol blockchain and this time, and it involves non-fungible tokens (NFTs).
According to a tweet by Symbol, COMSA would enable a new order of video and music NFT creations. This framework will border on network-wide royalties in contrast to platform royalties.
By this, content creators and music-focused NFT platforms would be able to trade their works directly with their fanbase freely. This way, buyers would retain ownership of their purchased NFT assets. That’s not all! Creators would still be able to get their royalties without interference from the platform.
The COMSA NFT partnership is expected to curtail the existing high-handedness in terms of royalty split between content creators and the end-users.
With so much potential, investors may buy XYM for a discount now before the digital asset rallies.
BTCEX Lists XYM
Building up a strong crypto community in the last few weeks, XYM has found its way into one of the most popular Japanese centralised Bitcoin exchanges called BTCEX.
According to a blog post on their website, BTCEX users would now be able to trade the XYM token against popular stablecoin USDT.
Symbol Partners Valkyrie Funds In Securing Treasury Funds
The Symbol blockchain has been working to further secure its trove of digital assets. Along with its sister blockchain protocol, NEM, Symbol has partnered with digital asset manager Valkyrie Funds to secure its $700 million treasury funds.
This move is in a bid to safeguard the funds from malicious attacks. According to on-chain data, the multi-signature setup was formalised on January 25 and has a minimum of 5 signatories to the treasury account.
Digital asset security is a real concern as crypto hacks continue to hit all-time highs. So this tie-up might be a great move to further secure investors’ funds. Therefore, you won’t be wrong if you conclude this is the right time to buy XYM.
Technical Analysis of XYM – Making Modest Headwind in a Bloody Pool
The crypto market is anything but bullish as the broader space looks to catch some growth. However, this presents a good opportunity to buy XYM and pile up on other promising digital currencies for a bargain.
On the technical front, XYM is trading below the 50-hour exponential moving average (EMA) price of $0.19 at its current price of $0.1771.
However, the digital asset has rallied 3.26% in the past day, given that the crypto market is facing a serious bearish downtrend.
The 61.8% Fibonacci retracement level of $0.21 shows that the digital asset may likely surge and retrace at that price peg before seeing a major price gain.
The MACD (moving average convergence and divergence) is neutral, while the relative strength index (RSI) shows XYM trading in the underbought region at 46.65. That presents a perfect spot to buy XYM and rise with the market.
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