One of the cryptocurrencies that has been standing out recently thanks to its gains is NEM (XEM), capable of accumulating a gain of 40.41% in the last 7 days, a rise mainly driven by the Symbol airdrop.
At the time of writing, NEM is trading at $ 0.5079, accumulating a loss of 4.37% in the last 24 hours.
If you want to know what is happening with this crypto, and where it is going, check this post.
Demand for NEM increases thanks to users awaiting Symbol airdrop
Without a doubt, the main trigger for the rise is the announced Symbol (XYM) airdrop for NEM holders.
Although it was expected to occur in December, the snapshot in which users will receive the XYM equivalent of the amount of XEM they own has yet to be taken.
The roadmap for the launch of the new Symbol platform is in the final phases, which has been driving even more demand for the cryptocurrency that is needed to receive the airdrop.
In the words of the chief investment officer of the NEM Group, Symbol aims to expand the NEM ecosystem, it is not a fork.
Already various exchanges are supporting the airdrop. If you want more information about this, visit this link.
NEM medium-term trend
When we look at the weekly chart we notice a strong bullish start of the current candle, but already today all those gains were eliminated, giving way to what appears to be a correction in the medium-term trend.
However, it is quite clear that NEM has a clear uptrend in this time frame, driven in large part by the Symbol airdrop.
Hopefully the ongoing pullback is about to end, due to previous strength, and a critical factor that doesn’t allow bears to be in control for too long.
Weekly chart of the price of XEM vs USDT. Source: ProBit.
Short term trend
From the daily chart we note that even though there was a multi-year high today above $ 0.6, XEM failed to maintain positivity for too long, and now a short-term trend correction is in the works.
Right now the price visits the most immediate support zone. If traversed, we would be seeing greater selling pressure in the next few hours, at the moment this is not the most likely scenario.
The odds are in favor of an early bullish comeback, defining the previous trend, and kicking off a new bullish momentum. This may happen in the next few hours.
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