Defending the Support: Bulls Holding Strong at $13 for #NMRUSDT

27 Haz 2023

💎After experiencing a remarkable 33% rally, #NMRUSDT has encountered a pullback phase. During this correction, we witnessed a clean rejection off the uptrend trendline, indicating a potential shift in market sentiment.

💎At present, the 200 Exponential Moving Average (EMA) is playing a crucial role as a support level. The price has demonstrated two consecutive bounces off this moving average, with bulls defending the psychological support at $13. This suggests that there is a strong possibility of another push to the upside for #NMR.

💎While it may not result in a significant rally, we can expect the price to target the commonly observed Fibonacci retracement level at 61.8%. This level is often considered a significant area of interest for traders.

💎However, it is important to monitor the recently printed lower low. It is essential for this level to remain untouched for the upside scenario to materialize. Although we may witness price spikes below the point of the trendline bounce, maintaining the integrity of the lower low is crucial.

💎On the other hand, Paradisers must be prepared for a potential downside break. In such a scenario, the demand zone around $12.30 is likely to be tested.