The NEM price unstoppable rally is accelerating ahead of the Symbol launch scheduled for next week. The XEM price is trading at $0.722, which is a few points below the all-time high of $0.78.
The background: NEM has grown from a small blockchain to one of the biggest. Its market cap has soared to more than $6.38 billion, making it the 15th biggest digital currencies in the world. In general, the NEM NIS1 helps developers build applications in a fast and efficient way. Indeed, in the past six years, the network has not had any outages.
The ongoing NEM price rally is because of a major upgrade that will happen next week. In it, the developers will transition the NEM NIS1 to Symbol. Symbol is described as a “trusted, secure value exchange network for business. Symbol smooths business friction, increasing the flow of data and innovation to supercharge the creation, exchange and protection of assets.
Historically, the price of cryptocurrencies tend to rally ahead of a major upgrade. In the past, Ethereum price rallied as the ETH 2.0 upgrade went on. And during the weekend, the Cardano price rose as the Mary upgrade went on.
NEM Price technical outlook
The NEM price has been on an upward trend. The price has rallied by more than 3,200% from the lowest level last year. On the four-hour chart, the price is forming a cup and handle pattern. It is currently slightly below the upper side of the cup. Also, the price is slightly below the 25-day and 15-day exponential moving averages. It is also slightly above the ascending trendline that is shown in black.
Therefore, in the near term, the XEM price may continue rising as bulls target $0.7600. However, we should not rule out a pullback or consolidation as the price forms the handle pattern.
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XEM price chart