When looking at the cryptocurrency markets over the past few days, it is apparent the top 20 does not offer that much excitement. One notable excitement if the NEM price, which continues to soar during this sideways trading momentum affecting all other cryptocurrencies. A strong 12% gain over the past 24 hours paves the way for a positive outlook as Q4 2018 begins.
NEM Price Surge Isn’t Over
For those who kept a close eye on the cryptocurrency markets over the past few days, the NEM uptrend has been quite spectacular to note. Solid gains have materialized seemingly out of nowhere, and the trend is not slowing down anytime soon. In fact, it appears there is still a good chance this is only the beginning of a long-term bull trend.
To put this in perspective, the NEM price has noted a 12% increase in both USD and BTC value. That is a very spectacular increase, especially because no other cryptocurrency in the top 20 comes even close to realizing such gains. The big question is whether or not the NEM price will continue this trend for an extended period of time.
As can be seen from the chart provided by Akash Singh, the year 2018 hasn’t been all that positive for the NEM price. In fact, the downtrend has been quite severe, and recovering these losses may prove to be challenging first and foremost. There is a good chance the XEM/BTC ratio will see some vast improvements in favor of the altcoin, although the outcome is difficult to predict.
XEM May Fly Hard – #XEMBTC chart https://t.co/TUz7dLr8Oa
— Akash Singh (@crypto_shunyaa) September 22, 2018
Another chart shared by Cryptophile seems to indicate the XEM/USD ratio is in a very good place as of right now. Although it may take some time to effectively note solid gains and sustain an uptrend, the current momentum tends to favor NEM in many different ways. A strong uptick in quick succession will usually result in a correction, albeit it remains to be seen how XEM will respond to those challenges moving forward. An interesting future lies ahead for this altcoin at this stage.
$XEM USD#NEM の高騰。なんで？#ネム pic.twitter.com/htPxtoAG7y
— cryptophile (@crypto_driven) October 2, 2018
Not everyone got on board of the NEM train prior to this trend popping off. Trader Coin Eater acknowledges stocking up on XEM a few days ago would have been the wise decision, yet there was no real indication the trend would remain in place for more than a few hours. Several days later, things look very different all of a sudden. Those chasing quick profits will be quite happy with this current trend, for obvious reasons.
A time for regret… I had my finger on the #XEM buy button these last days but didn't….. Should have… #NEM coin not being in my wallet is #IMHO a dumb decision. Oh well.. onto the next 😉 pic.twitter.com/NYatJEsfmO
— Coin Eater (@EaterCoin) October 2, 2018
If the overall trading volume for XEM keeps up, things will continue along the same lines for some time to come. Binance, Zaif, and Bittrex are leading the pack in terms of overall trading volume, but there is still a long way to go prior to effectively reclaiming lost value. For now, remaining above $0.10 should not pose to be much of a problem, but there is a good chance the NEM price will go through a correction sooner than people might expect.
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