Nem (XEM) price is up around 35% in November as buyers continue to erase losses from September and October.
Fundamental analysis: NEM teams up with MyContainer to provide staking optionsNEM said it teamed up with the staking service provider MyContainer, a new strategic partnership that will allow NEM to offer more accessible staking options to its customers. With the new partnership, NEM will seek for new opportunities that will help improve the platform.
“As part of NEM’s ongoing partnership strategy to strengthen both our existing NIS1 platform and to provide an opportunity to the NEM Community to stake their XEM, we are pleased to announce a new strategic partnership with MyCointainer,” NEM said in a statement.
Staking is now a standard choice for the proponents of crypto as many digital currency projects offer their users an opportunity to make extra money from their assets.
MyContainer is one of the staking services that will provide NEM users with a staking option for the XEM token. As a result, owners of XEM will be able to store their assets in MyContainer wallet and earn staking rewards.
Staking XEM in MyContainer wallet is similar to staking other coins in other wallets as users will gain complete control over their assets and will be able to keep an eye on them as well as rewards they’ve received.
“The online and automatic staking and masternode platform offers access to staking pools, making the potential rewards more stable, and the longer the XEM is staked, the greater the potential rewards,” NEM added.
The newly-announced collaboration between NEM and MyContainer might also help NEM attract new users. Financial customers that seek services similar to the traditional ones will now be able to benefit from one of them. Staking has become a standard option among holders, and NEM users will now be able to use it as well.
Technical analysis: Rally stays intactXEM/USD is up about 35% in November as buyers attempt to facilitate a weekly close above the key short-term resistance line at $0.13. As long as the price action trades above this mark, the XEM bulls will be confident they can create a more meaningful rally.
XEM/USD daily chart (TradingView) On the upside, the first target is the September high at $0.1740, followed by a long-term resistance line at $0.20. On the downside, a failure to clear $0.13 opens the door for a pullback to $0.10.
SummaryNEM has announced its partnership with staking service provider MyContainer that will provide NEM users with new staking options. On the other hand, the buyers have enjoyed a strong form in November with a basis set for a potential trip to $0.1740 in the coming weeks.
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