NEM (XEM) hits a new YTD high after 38% surge

Written by: Ali Raza
August 24, 2020
  • NEM price has shown strong performance over the last few days.
  • The coin finally managed to breach a resistance at $0.08, and nearly reach the one at $0.1.
  • The coin did see a small correction after hitting a new YTD, although it can still keep moving up.

NEM (XEM) price recently saw a major 38% jump after finally managing to breach a resistance level at $0.08. The coin’s price approached this level once before, in February of this year, but it did not manage to even touch it. Now, half a year later, NEM finds itself well above the former major barrier.

XEM in 2020

So far, in 2020, NEM had two major surges. The first one took place in early February, when XEM price went up alongside other altcoins in the crypto market. NEM price started the year lower than it was after the price crash that took place in March, which is actually quite rare to see.

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Most coins started at a specific height, went up during the rally, and then dropped below their starting point. NEM, on the other hand, started with a price of $0.031, it surged nearly to $0.08, went through a price correction in the second half of February, and then dropped to its early-January levels.

The drop took it back below a support level at $0.04, once again turning it into a resistance. The resistance then held for over two months, finally being conquered around May 20th.

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Breaching the barriers

After climbing above the resistance, XEM price remained relatively close to it for two more months. Then, in late July, as the new market-wide rally took place, NEM finally started seeing some serious growth.

The coin surged from $0.4 to $0.8 in less than a month, showing that it can be an excellent investment opportunity. The bull run caused many to buy NEM (XEM), thus giving it a strong momentum that quickly took it up to this next resistance.

After reaching it, XEM price was briefly rejected, and sent down to $0.071. However, it surged again around August 20th, and since then, it reached a height of $0.097.

While it didn’t manage to actually hit $0.1, this was the highest that NEM has been for a long time, and it certainly seems to have the potential to go higher and breach this resistance, as well.

Conclusion

NEM price surged by around 38% recently, nearly hitting the $0.1 mark. While its price saw a rejection before reaching this level, this is still a new YTD high.