Categories: CoinsMarket Analysis

NEM Technical Analysis for 02/04/2016 – Price Trading Under Key Pivot zone

The NEM digital currency has had quite a wild ride since the start of the year. NEM hit an all-time high of 0.00000192 on February 3rd, and price has retraced over the past 24h. Although not visible on the higher time frames, price is currently trading underneath a fairly important pivot zone. The 0.0000017 price level acted as resistance on two occasions during the 2nd of February; this level then turned into resistance on the 3rd. Today, the market closed underneath 0.0000017 and this level acted as resistance twice. So, this area has had quite a bit of activity over the past three days and is of great technical importance. Unless the market gathers enough strength to break above 0.0000017 again, further selling is likely to take place.

The long term technical outlook is still very bullish, as the major trend line is still intact. The minor trend line – which starts on January 27th when NEM began to rally again – is also still not broken.

Related Post

 

Disclaimer:  This is not trading/investment advice!

Chart source: https://poloniex.com/exchange#btc_xem

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Traderman

Avid blogger, entrepreneur, and cryptocurrency enthusiast. I love writing about cryptocurrency, NFTs, price analysis, and much more!

Share
Published by
Traderman

Recent Posts

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

2 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

2 hours ago

IntelMarkets (INTL) Receives Massive Demand From Chainlink And SUI Investors Looking To Position For The Best Bull Run Gains

As the cryptocurrency market gears up for a bull run, IntelMarkets (INTL) is attracting significant…

3 hours ago

FOMO Selling Trigger $1 Billion Liquidations as LINK & SOL Bleed Heavily; What to Do Next?

In the past, Chainlink (LINK) and Solana (SOL) have been among the most discussed altcoins…

8 hours ago

Qubetics $7.4M Presale Revolutionises Blockchain as Bitcoin and Chainlink Drive Innovation: Best Cryptos to Buy for 2025

The crypto market is abuzz with excitement as 2025 approaches. While Bitcoin continues to dominate…

14 hours ago

Best Altcoins to Buy Today: Why Qubetics’ Presale Could Be the Best Investment Opportunity of 2024

The cryptocurrency market never sleeps, and every day feels like an adventure. From household names…

20 hours ago