NEM Holding The Support, Will It Reverse?

On the 2nd of November NEM/USD once again tested previously formed support area near $0.15. Although price went lower, down to $0.137 where it rejected 161.8% Fibonacci, the daily close stayed above $0.15.

Will this results in NEM growth? Yes, it is very possible, although it seems too early to buy NEM/USD as it yet has to prove its’ strength buy producing new higher highs and breaking above the 200 Moving Average.

Trend still remains bearish, but there is a good chance that it will reverse to the upside from the formed support level. Buying NEM/USD remains a risky investment at this time, and break below $0.137 most likely will send NEM lower.

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