NEM’s cryptocurrency token, XEM, has been one of the slower ones in top 20 to recover from the market crash we saw at the beginning of 2018. However, in the past three days, it has seen enough gains to break above the daily Ichimoku cloud.

The gains came as the company announced on Twitter that it has launched the catapult ecosystem on the public network. Mijin v.2, also known as Catapult, is a full-featured blockchain engine delivering a new version of the NEM protocol for both public and private networks for the enterprise. The company is also launching a self-service, on-demand developer lab that will enable companies and individuals to get started on Catapult quickly without having to manage their own infrastructure.

In other NEM news, it has reportedly become the first cryptocurrency to partner with PUNDI X, a company that has been on the forefront to channel the heavily fiat dominated retail store industry to the cryptocurrency movement.

With this, NEM is aiming to become the largest retail payment blockchain.

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Back to technical analysis, if the positive fundamental news keeps the market bulls interested, we could see a confirmation above the daily Ichimoku cloud which could ultimately open doors for further gains towards key Fibonacci retracement levels at 0.65 and 0.93. XEM/USD is supported at 0.19.