Tanya Abrosimova
Independent Analyst
- The coin gained 10% in recent seven days and moved above DMA100.
- NEM’s team will publish project updates in the end of the month.
NEM retreated to the 21th position of the global cryptocurrency rating despite strong upside momentum. NEM has gained nearly 7% in recent 24 hours and over 10% in seven days to trade at $0.0547 at the time of writing. NEM’s market value is registered at $499M, while an average daily trading volume stays at $15M, which is roughly in line with the long-term figures.
What’s going on
Earlier this month NEM Foundation published an update on the project developments. Now the community is waiting for an additional information on Catapult’s launch.
Catapult is a blockchain engine that can be used on both public and private networks. It is supposed to become the core NEM engine.
“We will provide another update at the end of the month with regards to Catapult’s launch plan from the NEM Foundation,” the company wrote in its blog post.
NEM’s technical picture
The initial support for XEM/USD is created by DMA100 currently at $0.0523. Once it is broken, the sell-off may continue towards $0.05 and $0.0457 (DMA50).
On the upside, the next important barrier is seen with psychological $0.06 followed by $0.07 strengthened by DMA200.
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