HomeTradingNEM (XEM) rise after Coincheck news

NEM (XEM) rise after Coincheck news

Among the Big this afternoon, Nem (XEM) seems to be noteworthy, with a leap of more than 15% from yesterday’s levels, probably caused by the news that the Japanese exchange Coincheck, one of the oldest global trading platforms, will again list the 16th cryptocurrency in the ranking.

With today’s rise, NEM manages to go back over one billion of market capitalization after more than 2 months.

It should be remembered that at the beginning of the year Coincheck suffered one of the worst hacker attacks in history. Hackers managed to steal XEM tokens worth more than $530 million from the exchange servers.

nem xem rise coincheck

The Bitcoin Cash fork

Next Thursday, November 15th, there will be the first hard fork of Bitcoin Cash (BCH). A little more than a year later, the new chain that separated from the Bitcoin blockchain will suffer the same fate taking two different paths. In a period of meagre profits, the owners of Bitcoin Cash will receive the same amount of coins on the new chain that will launch in the coming days.

The immediate consequences may be conducive to speculation, while it will be necessary to wait the next few weeks to understand if the majority of miners and users will prefer to join the new blockchain, or stay on the ‘old’ one.

Total capitalization stays at just over 210 billion dollars, while Bitcoin’s market share remains unchanged at 52% of dominance.

nem xem rise coincheck

Bitcoin (BTC)

Except for a hint of weakness on Sunday at lunchtime, the weekend passed without any particular price movements. The price continues to fluctuate just below the $6500 threshold.

The dynamic support test, which identifies a weakly bullish trend that began at the August lows, highlights the fragility of a trend with no direction other than lateral. The week begins with the previous technical indications. Upwards, it is necessary to return over the 6750 area, while downwards it is important to hold the 6200 dollars.

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Ethereum (ETH)

Ether is also calmly flat, with prices stabilizing at over $210. In addition to staying above these levels, in the next few days, it will be necessary to recover first 220 and then 230 dollars, in order to return to evaluate new purchases. While downwards, it is necessary to hold the supports at 200 and 190 dollars.       

Federico Izzi
Federico Izzi
Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".