After a strong correction from $0.358 down to $0.138, with a total loss of 60%, NEM finally found the support at 261.8% Fibonacci retracement level applied to the corrective wave after the uptrend trendline breakout.
Further, XEM/USD broke above the descending channel as well as 200 Moving Average. These are pretty strong signals of a potential end of the corrective wave and continuation of a long-term uptrend.
Upside targets are based on Fibonacci levels applied to the corrective wave after the descending channel breakout. First $0.26, second $0.35 and final and the strongest upside resistance at $0.42 area, that corresponds with two Fibonacci levels.
A move lower than $0.138 would invalidate this forecast and could result in the continuation of the downside correction or a consolidation.
Further, XEM/USD broke above the descending channel as well as 200 Moving Average. These are pretty strong signals of a potential end of the corrective wave and continuation of a long-term uptrend.
Upside targets are based on Fibonacci levels applied to the corrective wave after the descending channel breakout. First $0.26, second $0.35 and final and the strongest upside resistance at $0.42 area, that corresponds with two Fibonacci levels.
A move lower than $0.138 would invalidate this forecast and could result in the continuation of the downside correction or a consolidation.
Comment:
Volume increasing, going up...
Comment:
First target reached
Trade closed: target reached
Comment:
Resistance broken so more upside potential is there, will try to analyse and see what are the targets
Comment:
Here is the update on Nem
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