Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Cordillerabit on November 19, 2017, 02:16:21 PM
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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.
https://cryptopost.com/nem-does-look-pretty/