Even though it seems the NEM price was well underway to surpass $0.5 relatively soon, the current negative trend is effectively shaking things up a bit. As a result, we are now looking at a NEM price of just over $0.35, with a very real chance of it dropped even further as we speak. This is not a positive development for this ecosystem or the cryptocurrency industry in general.
NEM Price Decline is Worrisome
Over the past few days, we have seen a solid NEM price trend which seemed to elevate the value to $0.5 again. Unfortunately, all positive momentum comes to an end, especially in the world of cryptocurrency. The earlier positive NEM price trend has now been turned into a massive decline, effectively bringing the value down from $0.48 all the way to $0.357 in very quick succession.
While this trend is mainly due to Bitcoin itself losing value as well, that is not the only problem NEM has to deal with right now. Instead, we also see a decrease in the NEM/BTC ratio, which negatively impacts the NEM price as a whole as well. If this trend continues like this, it is a matter of time until the NEM price hits $0.25 once again, although we can only hope things reverse well before that happens.
The 23.53% NEM price decline is one of the steepest of all cryptocurrencies as of right now. Combined with the 18.65% decrease in NEM/BTC ratio, it has become evident there will be no relief in sight anytime soon. Until the Bitcoin price can regain some of its lost momentum, all altcoins will continue to suffer as well. This is part of the reason why this correlation between NEM and Bitcoin is so bothersome, yet it also impacts all other altcoins in a similar manner.
With $119.428m in 24-hour trading volume, the demand for NEM appears to be picking up ever so slightly. It is not necessarily the most impressive trading volume by any means but it is a positive note in this sea of misery right now. While the increasing trading volume is a positive trend, it has become evident the sellers still vastly outweigh the buyers. As such, the negative pressure on the NEM price will continue for quite some time to come.
As of right now, the top three exchanges ranked by NEM trading volume has not changed whatsoever. Upbit is still in the first place with a small lead over Zaif. Bittrex is in third place and also the final exchange to generate over $10m in trading volume over the past 24 hours. Poloniex and Upbit’s BTC pair are also in the top five as of right now, which can only be considered to be a good thing. How all of this will affect the price moving forward, remains to be determined.
Anyone who is closely watching the NEM price as a long-term holder shouldn’t be too concerned, though. It is a matter of time until all cryptocurrency markets pick up once again, but for now, the onslaught will continue for quite some time to come. We have seen bearish cycles affect the markets every other week, and it seems that situation will remain in place for some time to come. Even so, the long-term trend still remains bullish, even though there are many battles to be won along the way.
