NEM (XEM) Price Slides on Exchange Lockdowns, but Optimism for 2018 Remains
The NEM digital asset slides down the charts, but the network remains attractive for ICOs.
The market price of NEM (XEM) has been sliding for weeks now, and the coin has drifted away from the top 10 on CoinMarketCap, sliding to position 13.
The XEM market price quickly abandoned the rise toward a price of a few dollars, and is now sliding to pre-December levels, at below $0.40. Yet the NEM project remains optimistic, and its current efforts are international presentations and popularization, as well as attracting additional ICO projects and startups that want to use the technology.
It seems the Coincheck theft has triggered a long and gradual slide in XEM prices, with habitually lower volumes, as a few exchanges froze their wallets and put brakes on XEM trading activity, creating an artificial “ice age” for the price.
Additional complaints have been heard about withdrawal troubles on the Cryptopia exchange. Despite its prominent position, XEM remains one of the niche assets, more popular in Asia.
Speaking of popularity, XEM may become one of the coins available for spending, through the PundiX platform installing specialized payment terminals for crypto coins.
But when it comes to trading, some believe the selling and downward pressure may continue, especially as Bittrex has added NEM for trading, and many more are waiting to sell. Some believe XEM may remain depressed for months on end once again.
For a while, the Bittrex XEM wallet wa experiencing a freeze for security reasons, and that has stopped the selling. Deposits were opened again in March, but this led to the price unraveling further. Several exchanges have frozen the XEM trading, and the re-opening may cause a similar effect, especially on Huobi.
In the case of XEM, once trading picks up, it is quite possible there is another strong rebound. The return of trading, along with the news of ICOs picking up the NEM network may reignite a price rise, especially if the price slides to lower levels. XEM habitually traded around $0.22 for months before achieving the latest price record above $1.
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