Trade Alert: NEM (XEM) Rises 6% as the Bulls Push Back
NEM (XEM), a blockchain project building a network designed for better-performing smart assets, has had a rough start to the year after the new leadership published a report revealing it was on the verge of bankruptcy following a year of poor budget management.
The news was enough to drop the price of the coin from $0.065 to as low as $.034 — an almost 50% drop in a matter of weeks. However, following the larger market recovery over the last week, XEM has rallied more than 17% to $0.043702.
Moving forward, XEM will need to push through its current level and move back above $0.055. Without a significant reversal, the coin’s price may tumble further as the long-term downtrend is still intact.
Despite the precarious price action, the project’s renewed focus on the product and lean management may help turn things around for XEM going forward.
NEM FOUNDATION FUNDING PROPOSAL 2019
— NEM (@NEMofficial) February 6, 2019
As we previously reported, a major driver for NEM adoption could be its focus on blockchain gaming. NEM recently started highlighting XEM-fueled platforms and dapps focused on gaming, with the most recent being Xarcade, a video game distribution and exchange platform for both game publishers and gamers.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.