All cryptocurrency markets are struggling for some sort of traction once again. With losses in both the one-hour and 24-hour department, things are not looking all that promising. The NEM price is a great example of how quickly moment cna turn around. After a major dip last week, it seemed the NEM price would stabilize around $1 again. Nothing could be further from the truth, as the price is heading back to $0.85 and potentially lower.
ANOTHER TOUGH WEEK AHEAD FOR THE NEM PRICE
Last week generated a pretty big scare for all NEM holders and speculators. With Coincheck getting hacked, there was genuine concern over how the NEM price would take a big dump as the criminals sold the stolen coins on the market. So far, none of the coins have been sold or transferred. Additionally, Coincheck will reimburse users, which means there is no real reason for the NEM price to go down even further.
In fact, the NEM price quickly reserved its course and suddenly peaked at $1.12 once again. Many people assumed the $1 level would serve as a solid support for NEM moving forward, but the reality turns out very different. Rather than finding support at this level, it is now turning into major NEM price resistance. As a result of this negative pressure, one XEM is now valued at $0.88, although this value may go a lot lower in the coming hours.
Due to a 7.3% loss in USD value and a 6.15% loss in BTC value for the past 24 hours, things look bleak for NEM. As all markets are losing value, this current trend is anything but surprising. The NEM price is not the only one suffering from big losses, even though they are one of the bigger “loses” in the top 10 right now. Only Cardano and XLM have suffered bigger losses over the past 24 hours. An interesting trend well worth keeping an eye on as of right now.
With $38.96m in 24-hour trading volume, it is evident all traders have cooled off on NEM for the time being. Again, a similar trend can be found in other cryptocurrency markets are there is a big lull in trading activity across all platforms. A low value may effectively keep the NEM price above $0.85 for the rest of the day, but it remains to be seen what the future will hold in this regard. Unless the trading volume picks up, we will not see any positive NEM price momentum, though.
Zaif is still the biggest exchange for NEM, as it generates over 45% of all trading activity. Upbit is in second place, with under one-third of Zaif’s volume. HitBTC is also in the top three, as they have a clear lead over both Poloniex and Bittrex. With two fiat currency markets in the top three, things aren’t looking half bad for NEM right now. That doesn’t mean we will see much fresh capital enter the market in the coming days, though. Today will not be a good day for any cryptocurrency market, that much is virtually guaranteed.
For the time being, it remains unclear what the future holds for the NEM price and other cryptocurrencies. Nothing is set in stone as of right now, but there is a clear indication the market wants to become even more bearish as of right now. If that is indeed the case, the NEM price may very well dip below $0.8 before the day is over. Anything is possible as of right now, but one needs to be aware of how things are progressing as of right now.