NEM makes a new yearly high after 10% price surge

Written by: Ali Raza
August 18, 2020
  • XEM price saw strong performance in the first two months of 2020, which resulted in a strong surge.
  • After a March crash, however, the price was curiously calm and it lacked the strength of its peers.
  • The coin found its strength in early July, and since then, it seemingly made up for months of inactivity.

NEM (XEM) price has seen quite a strong performance over the past two months, but even that pales in comparison with its performance over the last five days. The price skyrocketed from a support that it struggled to reach and breach for months, only to exceed its previous YTD high, almost effortlessly.

NEM price in early 2020

Earlier this year, NEM showed that it still had quite a potential, and that investing in it can be quite an opportunity. The coin’s price in early January was at around $0.032139. However, as other coins started do surge and grow as part of a new rally, XEM decided to join up.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Most other cryptos saw a January surge of their own before joining forces in February. NEM seemingly missed that opportunity, but it made sure not to miss the next one.

The coin was rather loyal to the market sentiment, without doing much on its own. It reached its peak exactly on February 12th, hitting $0.076434 in the process. After that, its price started to drop, sinking back to a newly-formed support at $0.045.

From there XEM attempted to grow again, although such efforts were interrupted by a mid-March price crash, caused by the coronavirus fears among investors.

Tip: looking for an app to invest wisely? Trade safely by signing-up with our preferred choice, eToro: visit & create account

Tables turn for XEM

After the drop, most coins started heading up, and after months of growth, they reached their old prices. Not NEM, however. The coin did see occasional bullish bursts, but the coin mostly spent months trading sideways.

This started to change in early July, and XEM finally started acting like the rest of its peers at that time, suddenly growing strongly.

Its progress was stopped after it reached $0.06 a few days ago, and many assumed that its price might even be rejected. However, XEM then started a sudden surge that has been going on for the past week. Many rushed to buy XEM, as that recognized the opportunity, and that interest brought it to its new YTD high of $0.0775.

Conclusion

XEM price saw rather unusual performance this year, following the March crash. However, the surge that followed allowed it to hit a new YTD high.