FxWirePro: A Detailed Analysis of NEM with technical

NEM is a peer-to-peer cryptocurrency and block chain platform offers a fundamentally streamlined method of maintaining secure ledger of transactions compared to traditional database.

NEM uses new Consensus mechanism known as Proof of Importance. POI is similar to Proof of Stake except that it doesn't consider only size of account balance.It considers three major factors mainly 

1. Vested stake
2. Transaction partners
3. Number and Size of Transactions

Nature of block chain:

NEM’s block chain technology offers both a public as well as private block chain. The NEM block chain software used in commercial block chain called Mijun. It provides an adaptable API interface that can support any programming language.

NEM Smart assets system

It is key features of NEM which make thme unique.NEM technology allows multiple ledgers to co exits. It is a customizable block chain solutions that will allow number of use cases.

News Update:

NEM revealed the details of NEMsp (service provider) Network Beta launch in its twitter and Medium blog.It has also announced Cryptodus as its new strategic partner.

NEM’s tweet | Source twitter

The Interim President of NEM said that “The NEMsp Network is a scalable and repeatable program designed to expedite the adoption of NEM globally while creating value for our partners. Companies won’t need to have any internal technical staff to be able to build on the NEM Block chain because a project can be completely developed and deployed by a NEMsp

Technical

XEM has shown a minor jump of more than 45% from the low of $0.14 on account of slight recovery in Bitcoin price.The pair has lost nearly $2 from the all time high of$2.11.It is currently trading around $0.180.

On the higher side, any break above $0.2250 (55- day EMA) and any break above will take the pair to next level till $0.2800 (100-day MA)/$0.3350 (61.8% fib).

The near term major support is around $0.140 and any violation below targets $0.10/$0.080.

It is good to buy on dips around $0.15 with SL around $0.120 for the TP of $0.280/$0.3350.