NEM Foundation is looking to expand into Australia and with the hope of encouraging block chain startups into using their platform. To make this possible they have set aside $13M as seed capital for potential businesses to use and launch their services on NEM. This is cool and why not? Launching on Ethereum for example requires Solidity expertise which is not only rare but charged at a premium. Secondly, NEM’s API is so interactive and you don’t actually need to be a specialist in any computer language. For all we know you can code in Ruby through NEM API and the program will be executed on the platform. Should it pick up, then this is welcomed news for NEM investors.
Technically, we are in for a bullish run. From the weekly chart, price action is above the bull wedge and the major support trend line.
Then again we have these stochastic buy signal and steep middle BB meaning prices are slowly inching up higher.
The fact that NEM prices bounced from in between the 50% and 61.8% Fibonacci retracement levels mean there is even more room for NEM to expand towards $0.58 61.8% Fibonacci extension level.
Like the weekly chart, the daily chart is bullish with a stochastic buy already in place. Price action is above our immediate support of around $0.25 and as you can see there was a retest of this zone on December 4.
Furthermore, with NEM prices banding along the upper BB we are guaranteed of a strong push up despite today’s minor bear pressure. In this case, our immediate bull target is at August 31 highs of $0.38.
Our entry chart is loaded with sell pressure.
Already, we have a stochastic sell signal at resistance zone complete with a strong bear candlestick.
Now, bull pressure is strong if you take a top down approach and the only thing we can do is to wait for bearish break and close below the 20 period MA.
If that happens, then immediate support is found at around $0.25-a level that is also pronounced in the daily chart. Generally though, I’m net bullish and suppose this current candlestick end up bullish bulls are urged to wait for a strong close above $0.30 round number before going long.