All cryptocurrency markets are struggling for traction once again. With losses in both the one-hour and 24-hour department, things are not looking all that promising. NEM is a prime example of how quickly markets can turn around. After a major dip last week, it seemed the NEM price would stabilize around US$1. Nothing could have been further from the truth, as the price is headed back to US$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 being hacked, there was genuine concern that the NEM price might 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 its users, which means there is no real reason for the NEM price to go down even further.
In fact, the NEM price quickly reversed course and peaked at US$1.12. Many people assumed the US$1 level would serve as a solid support for NEM, but the reality has turned out very differently. Rather than acting as support, this level has turned into resistance. As a result of this negative pressure, one NEM is now valued at US$0.88, although it may fall a lot lower in the coming hours.
Due to a 7.3% loss in USD value and a 6.15% loss in BTC value during the past 24 hours, things look bleak for NEM. As all markets are losing value, this downtrend is anything but surprising. The NEM price is not the only one suffering from big losses, even though it is one of the bigger “losers” among the top 10 right now. Indeed, only Cardano and XLM have suffered bigger losses over the past 24 hours.
With US$38.96 million in 24-hour trading volume, it is evident traders have cooled off on NEM for the time being, as is the case with all other crypto markets. Low volume may keep the NEM price above US$0.85 for the rest of the day, but it remains to be seen what the future holds in this regard. Unless this trading volume picks up, we will not see any positive NEM price momentum.
Zaif is still the busiest exchange for NEM, as it generated over 45% of all trading activity over the past 24 hours. Upbit is in second place, with under one-third of Zaif’s volume. HitBTC is also in the top three, as it has a clear lead over both Poloniex and Bittrex. With two fiat currency markets among 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 markets over the coming days, though. Today will not be a good day for any cryptocurrency market; that much is virtually guaranteed.