- 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.
BEST BROKERS TO TRADE CRYPTO
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.