NEM price analysis: XEM/USD growth resumed amid steady flow of partnership news

  • NEM is the best performing cryptocurrency out of top 20 with 5% growth.
  • NEM.ion partners with an Australian-based payment platform.

NEM (XEM) retraced from October high reached at $0.1154, but it is still on of the best-performing coinc out of top-20. Currently, it takes the 17th place with the market value of $961M and an average daily trading volume $12M, half from what was registered on October 2. NEM took off from $0.10 support and gained 5% in recent 24 hours to trade at $0.1068 at the time of writing.

What’s behind the move

NEM is supported by a steady flow of partnership announcements. Recently we reported that the coin had been added to cryptocurrency wallet Timechain. Now we’ve learned that is about to integrate the coin with Liven, an Australian-based payment platform. It rewards users for eating out in partner restaurants and paying with LivenCoin via Liven app. 

The Australian startup will use NEM’s blockchain features to ensure transparency and integrity of its payment network and validate the analytics provided to merchants.

NEM’s Expansion Director for Australia and New Zealand, Jason Lee believes that the partnership would help to create real-world use cases for digital assets and blockchain technology.

“We are already exploring other opportunities to integrate NEM blockchain technologies with Liven and will look forward to working with them continuously,” he commented.

NEM’s technical picture

NEM is likely to continue growing provided that the overall sentiments on the cryptocurrency market remain positive. The bulls need to regain $0.11 handle (Asian high) before they can proceed towards $0.1154 (October 2 high) and to ultimate $0.12 handle. Once it is cleared, the upside momentum will gain traction and take the price towards the next bullish aim at $0.1260 (September 6 high).

On the downside, the local support is created by $0.1048 (SMA50, 1-hour) and followed by psychological $0.10. 

Get the 5 most predictable currency pairs

About Author

Comments are closed.