Categories: CoinsMarket Analysis

NEM Technical Analysis for 01/20/2016 – Trend Starting to Loose Steam?

The NEM digital currency was trading at 0.00000035 on December 31st of 2015, but in January, NEM exploded to all-time high of 0.00000189. The upsurge has been relentless, but the technicals are starting to show some weakness in the trend. The 0.0000015 level is now a significant pivot area as this level has acted as resistance on three occasions today.

There is also a clear Head & Shoulders pattern visible on the 30-minute chart. These patterns frequently appear at the top of market trends.

If the market can’t close above 0.0000015 and another sell-off takes places, 0.0000011 will likely provide some support. This level acted as resistance on January 16, and also twice as support today, so I would consider 0.0000011 to be of technical significance.

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

WIF Set to Overtake BONK? Lunex Soars with 100x Potential in Altcoin Season

As altcoin season heats up, all eyes are on the rising stars—especially Lunex, which is…

7 hours ago

Binance Coin Price Dips: BNB Holders Rush To Lunex Presale To Hedge Their Long Positions

While the broader market witnessed a notable upward movement, Binance Coin (BNB) experienced a decline…

7 hours ago

Crypto Stalwarts Forecasted 800% Growth in Innovative Projects: VeChain, Rollblock and Polkadot!

This blazing crypto bull run has investors looking for the next top altcoins set to…

8 hours ago

Dogecoin Price Set To Recreate 36,000% Rally From 2021 After Pennant Formation

The Dogecoin price is back in the limelight, captivating the crypto world with its recent…

8 hours ago

Is XRP About to Explode? How Trump’s Victory Is Affecting XRP Price Amidst JetBolt Growth

Ripple’s XRP showed a 68% price increase in the last 7 days following Trump's victory,…

8 hours ago

Ethereum Down While Bitcoin, Solana, and JetBolt Skyrocket In End November 2024

Ethereum stumbles as Bitcoin surges past $97K, Solana eyes new highs, and JetBolt’s presale shakes…

11 hours ago