NEM (XEM) suffered from decreased bullish momentum during the bull run of 2021 as it could not establish a new all-time high. The 52-week high was recorded at $0.86 during the peak of the bull run. The cryptocurrency has been suffering from major bearish momentum ever since. At the time of writing, NEM coin stands at a price level of $0.12. The price and trading volume of the cryptocurrency is declining in the daily timeframe.

The market outlook for Nem coin is bearish. Out of the total technical indicators, thirteen are standing at a position of sell with nine neutral indications and only four signals of buy. The oscillators suggest stagnant price movements while the moving averages indicate a strong downtrend.

Nem crypto had been operating in a falling wedge formation – which is a bullish pattern. The cryptocurrency has completed the formation and has broken out of it. The break out has been confirmed to the upside. Although XEM market is strongly bullish, the consolidating price movements coupled with the falling wedge formation may indicate the onset of bullish momentum in the market for Nem.

What is NEM (XEM)?

NEM or the New Market Movement has a visionary goal of transforming the blockchain ecosystem. NEM is not a platform but rather an ecosystem of platforms that are working towards utilizing cryptography and the blockchain technology to provide solutions for businesses and individuals.

The development team of NEM is highly active and is undertaking various projects. NEM inaugurated the NEM Ventures Ignite Incubator Program to incentivize the development of the new economy. NEM also launched the mainnet of Symbol which will aid the evolution of the blockchain technology. The Symbol mainnet transforms NEM into a two-chain ecosystem. It will also act as a bridge between businesses and blockchain while increasing interoperability. The developments going on in the ecosystem may also help the cryptocurrency in the trend reversal.