The expected symbol (XYM) snapshot is expected to take place on March 15, a new token of the NEM ecosystem with which it is planned to increase its capacity without having to leave the old chain.
All XEM holders will receive the XYM equivalent at the time of the snapshot.
Without a doubt, this long-awaited launch has been one of the most determining factors behind the rise in the price of the NEM cryptocurrency in recent months.
At the time of this writing it is trading at $ 0.6052, accumulating almost 200% of profits so far this year, and more than 2000% since the low of March 2020.
Pre-launch registrations will close tomorrow, March 12, which could undoubtedly be putting pressure on the demand for NEM during these last remaining hours.
Despite the positivism that exists around this cryptocurrency, so far this week the price has fallen by 15.42%. This behavior occurs due to how developed the momentum of the medium-term trend is.
It would be healthy for the ongoing corrective process to extend further. But knowing the bullish fundamental factor (Symbol launch), it may not be the best time to think about a bigger NEM drop.
We may see the bulls defend the price in the next few hours, ushering in new yearly highs in the short term.
Symbol may continue to push XEM price in the short term
As I mentioned, we have been watching XEM pull back for the last few days, but we have not seen the price generate any significant bearish signals.
So far the decline is a simple correction, which even seems to be coming to an end.
With yesterday’s fall towards $ 0.51, the price left a significant bearish rejection on a relevant support zone.
Thanks to the previous succession of higher and higher lows and highs, plus the buying pressure fostered by the Symbol snapshot, we are most likely seeing the start of a new bullish momentum in the short-term trend soon.
Already most of the rise as a result of this fundamental factor is discounted, and although a major correction could be on the way, it is most likely that we will first see further bullish jumps in the near future.
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