NEM price analysis: XEM/USD is riding a bullish wave amid Timechain partnership news
|- NEM is the best performing coin of the day with 13% growth.
- Timechain Wallet added NEM support.
NEM (XEM) is the best-performing digital asset of the day out of top-20 coins. Currently, it takes the 17th place with the market value of $999M and an average daily trading volume $24M, which is sharply higher from $8M registered on September 30. NEM experienced a 13% surge in recent 24 hours to trade at $0.1140 at the time of writing.
What's behind the move
The digital asset may be reacting to the NEM partnership with Timechain Wallet that offers rich functionality, including storage for digital assets and options to buy, sell or hold cryptocurrency. The platform is a useful tool for crypto assets management and an instrument for natural interaction with other blockchain-based services and users.
Now NEM users can create multiple side-chain wallets with Timechain and also buy and sell digital assets right from their wallets.
“Wallets are becoming the centerpiece of blockchain mass adoption. Timechain strives to offer the most simple solution to use blockchain and cryptocurrencies to its users. NEM technology is a front-runner for digital assets management. We need to popularize this amazing tech to the market. Businesses will dramatically reduce their cost and greatly increase their distribution reach by using this solution,” CEO of Timechain, Louis Cleroux commented.
NEM's technical picture
NEM is likely to continue growing strongly riding this short-term bullish wave. However, $0.12 handle may prove to be too strong to be taken out at the first attempt. Once it is cleared, the recovery will be extended towards the next bullish aim at $0.1260 (September 6 high) and $0.1311 (DMA100, September 5 high).
On the downside, the local support is created by psychological $0.10 and followed by $0.0982 (SMA50, 1-hour). Once below, the sell-off may continue towards $0.0959 (SMA200, 1-hour).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.