The team of NEM has been extremely busy in the past few months after launching an aggressive marketing campaign. The foundation has recently announced the launch of a new blockchain platform called Symbol. This new blockchain platform will be directed to the institutional sector and will offer services to businesses of all sizes.
The launch of Symbol is set to happen by December 2020 but it could be delayed. XEM holders will be able to claim their Symbol (XYM) tokens at a 1:1 ratio but only optionally.
Even more recently, XEM is holding a trading competition on Binance with a $50,000 prize pool in XEM coins. The first place will win $10,000 USD in XEM tokens. The eligible trading pairs are XEM/BTC and XEM/ETH as the digital asset doesn’t have USDT pairing on Binance.
This recent announcement did help XEM as the digital asset had a significant price jump on September 19 from a low of $0.10 to $1.21, a 13% price increase.
XEM Price Analysis: Short-Term Outlook
On the daily chart, XEM price has defended a crucial support level at $0.10 even though it did slip below it briefly. Bulls came out strong on September 19 pushing XEM above both EMAs. Unfortunately, the price of XEM is again under the 26-EMA and the 12-EMA which are acting as resistance levels.
The trading volume of XEM saw a massive increase on August 31 but has cooled off in the past few weeks. The daily RSI is at 48 and hasn’t touched 30 since March 2020.
A clear breakout above both EMAs would most likely push XEM towards the next resistance level at $0.135. Additionally, NEM has also launched the NEM Hub through DAO Maker. A community platform to integrate loyal supporters and help the project through social mining.
XEM Price Analysis: Long-Term Outlook
It doesn’t take an expert to understand that XEM’s weekly chart is heavily bullish. The current uptrend is massive as the price of XEM has been able to pierce through various old resistance levels establishing a new yearly high at $0.17.
XEM is currently trading above the 12-EMA as the RSI is cooling off. The $0.087 support level is the most important level for now. The Fibonacci Retracement shows another crucial level at the 0.618 fib at $0.08. Additionally, the $0.10 psychological level should also serve as a strong support level.