NEM market update: coin goes ballistic as market approves NEM’s restructurization plan

The coin gains 7% in recent 24 hours and moves to the 20th place.
The next resistance comes at $0.0547.

NEM is now the 20th largest coin with the market capitalization of $600M. The coin has gained nearly 20% in a week amid strong recovery from January 28 low touched at $0.0378. At the time of writing the coin is changing hands at $0.0510, off the intraday high touched at $0.0535.

NEM was hampered earlier this year amid financial struggles of the project. However, recently, the team published the restructurization plan that will allow to overcome difficulties and support further development.

The plan was well accepted by the community, despite some tough decisions made by the team including staff reduction. The company will part ways with 69% of its employees.

Also, the project secured financing in the amount of $8M and approved the release of 210M XEM tokens from reserves. This injection is supposed to fund the operations of the team through February 2020.

NEM’s technical picture

The initial support is created by psychological $0.0500; however, a stronger barrier comes with DMA50 currently at $0.0455. The coin is on an upside track as long as it stays above the handle. A sustainable move lower will increase the selling pressure and push the price towards the next barrier at $0.0437 (DMA50).

On the upside, watch out for $0.0547 (DMA100). This area may cap the recovery for the time being.

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