NEM (XEM) price explodes 50% to hit highest levels since June 2018

NEM (XEM) price explodes 50% to hit highest levels since June 2018
Written by:
Michael Harris
December 4, 2020
  • NEM said it plans to launch its mainnet NEM Symbol on January 14
  • XEM price has gained about 50% this week after exploding nearly 100% in November
  • The buyers will aim for $0.2950 next

NEM (XEM) price is trading around 20% higher on the day to increase weekly gains to 50% and record a new 30-month high above $0.27.

Fundamental analysis: NEM Symbol to be launched next month

NEM said it plans to launch NEM Symbol on January 14, according to an announcement where the NEM community published the snapshot and launch details of its upcoming public blockchain. Chief Executive David Shaw wrote the final components before the mainnet launch is getting ready. 

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The NEM team expects Symbol to address many enterprise-level blockchains as it will offer a variety of data/asset management solutions. Shaw said the launch of Symbol got delayed due to further developing and testing of the blockchain’s many components. 

“As we work through and finalize the last remaining components of the technical launch roadmap, specifically Core Server, TestNet Patch, REST + SDK, Wallets and Node Monitoring, it is clear that the cumulative technical risk across them all together will result in a delay to launch of 1-2 weeks,” he said.

NEM said the blockchain could be ready for launch in the middle of holidays, however, the community said it believes that mid-January was a more suitable time. The snapshot block of the rollout is 3,025,200, and NEM said the pre-launch opt-in is scheduled to end on January 9th.

The users are able to opt-in for the mainnet launch and will receive rewards of 1 XEM + 1 XYM token for every XEM they lock for the upcoming mainnet rollout. 

“The Genesis/Nemesis block is expected to be created on the January 14th within a few hours of snapshot, and XYM tokens will be distributed in the Genesis/Nemesis block to all accounts who have opted in prior to the pre-launch opt-in closing in accordance with the terms and conditions of the opt-in process,” NEM wrote in the announcement. 

Technical analysis: Price explodes higher

XEM price is now trading 17% higher above the $0.25 mark after hitting $0.2723 earlier today. This is the highest XEM price traded since June 2018. Overall, the price action has gained about 50% this week after exploding nearly 100% in November. 

NEM weekly chart (TradingView)

The bullish momentum has continued to force the price action to trade above the short-term target at $0.23. The ongoing bull run means that XEM price recovered over half of total losses recorded during a major crash since April 2018. The key Fibonacci retracement line at 61.8% comes at $0.2950 and it will act as the next target for XEM buyers

Summary

NEM said it will roll out its blockchain NEM Symbol on January 14, 2021, which is expected to offer many data/asset management solutions. In the meantime, its price action exploded higher to test 30-month highs.