NEM is a payment method. Similar functionality to ethereum but argues improved functionality for financial services to i.e. banks. The currency for NEM is called XEM. There are various wallets and you can also harvest as I understand it.
It is argued that the code is more efficient than bitcoin and therefore allows for much more speedy transactions. Transaction fee is very low compared to others. 0.01%. Much cheaper than btc.
The number of XEM is limited to 9,000,000,000 and no more will ever be created. It is 100% traceable. This allows buyer and seller protection to be implemented in the immediate future. This is important if businesses are going to be willing to embrace crypto currency technologies in the future.
Allows multi-signature accounts i.e. joint accounts accounts to release funds to your children for instance or if there are other reasons where it is required that more than one signature is needed to release the funds. It can manage the holding of assets until agree the third-party outcomes have occurred e.g. to do with transferring money for the sale of the house or car.
For the longer term, as there is no more XEM going to be created, with inflation and with adoption of the technology and other crypto currency technologies this stands a good chance of increasing in price as there will be no increased supply of XEM.
Allows interoperability between different databases for instance and some argue that it is considered more secure possibly even then ripple. I'm sure Ripple wouldn't agree.
In terms of technical analysis. It may be in a buy area.
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4 hour chart:
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I like this technology. My problem.... unless it holds and breaks up from this current level there could be further downside - so if concerned about one's holding devaluing in the short term then better to wait and see which way it goes here.
I suspect that the graph may go sideways and narrow for a few days then break.
I'm keen to buy here. Reasons:
- It has bounced strongly off support at 6000 twice now.
- On the 4 hour chart it has made a higher high
- On the 15 minute chart it has broken through the 61.8 upward retrace.
On a negative the number of sell orders outweigh buy.... I am hypothesing that this is the day traders who have seen an increase and now want to short it. I am in for months not hours or days so will reassess at a later date.
but if you prefer to wait then maybe wait for either:
a. Break up above around 8080 then look to buy on a 50% retrace on a shorter time frame (1 hour or 15 minutes)
b. buy at 6050 area as there is significant support here.
If price breaks below 6000 then it could well go all the way down to 5050 area.