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NEM price analysis: NEM looks to get back in the range between headline and neckline

  • NEM price is showing bullish tendencies to get back into the range between the neck and headline of the reverse head and shoulder pattern.
  • The key price level at $ 0.135

Tradingview

NEM price has been in a consolidation phase after a short uptrend. The coin looks to be in a consolidation phase after the fall from the levels of $ 0.240. The coin had formed a reverse head and shoulder pattern This pattern being a bullish signal resulted in the coin shooting to the level of $ 0.240. After the rally the coin made a steep fall at the resistance level of $ 0.24 (this resistance level was formed before the head and shoulder pattern during early September). The coin failed to take support at the neckline of the pattern at $ 0.185 and took support at around $ 0.12. The coin is now trading in the consolidation range between $ 0.12 and $ 0.135 which is the headline of the head and shoulder pattern. If the coin manages to break the resistance level it’ll trade in the range between headline and neckline of the pattern. 

Tradingview

NEM price on the hourly charts is in a consolidation phase. The coin failed to stay above the 20 days EMA and 50 day EMA. The coin is now testing the 100 day EMA support line. The coin had a golden crossover on the 22nd of the month after which there was a bull run from the level of $ 0.127 and $ 0.142. The coin consolidated post the rally and now it is trading below the 20 days and 50 day EMA.

Conclusion:

The coin is in a consolidation phase, however, if the coin breaks the headline resistance, there can be a short rally between the neckline and headline. These are key supports and resistances traders need to keep in mind before placing their trades.

Support: $ 0.12 

Resistance: $ 0.14 and $ 0.185

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