NEM jumps to a 42 week high – reasons unknown

NEM recorded an 86% gain on the daily candlestick, reaching a price of $0.0772. This is a level not seen since May 2022.

The 30 minute chart below shows that buyers sent XEM significantly higher around noon GMT. The 24-hour volume data is now at $321.42 million, an over mark. 3,000% Increased from the previous day.

The bears then intervened and the token price fell to $0.0694. However, as of this writing, most of the profit remains intact.

NEM 30 minute chart
sauce: XEMUSDT on

The year-to-date (YTD) gain is 171%, outpacing market leader Bitcoin (up 43% year-to-date).

What’s going on with NEM?

No new fundamental developments have been noticed. His Twitter account for the company hasn’t posted since Christmas Eve before his last post on July 15, 2022. By the way, comments are turned off for the July 15, 2022 post.

Hitting an all-time high of $1.87 in January 2018, NEM was a significant project at the time. Seventh in market capitalization rankings.

However, the project has since faded into obscurity and is now ranked 82nd.

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