NULS Falls Back to Support, Makes a Bullish Pivot

Share Article
In Brief
  • NULS is trading above a crucial support area at $0.18.

  • The price is following a descending resistance line.

  • NULS might have completed a bearish impulse.

  • promo

    Want to know more? Join our Telegram Group and get trading signals, a free trading course and daily communication with crypto fans!

The Trust Project is an international consortium of news organizations building standards of transparency.

The NULS (NULS) price has been decreasing since hitting a local high in July. Once it reached a crucial support level at $0.18, the price has appeared to pivot back to the upside.



While the wave count suggests that NULS has already reached a bottom, a reversal will be confirmed if the price is able to break out from the current descending resistance line.

NULS Reaches Support

Since the beginning of November, NULS has been trading very close to the $0.18 support area, which is the 0.85 Fib level of the entire upward move. The price appears to have created a higher low and has started to move upwards.



While the area has offered support, the price is still stuck under a descending resistance line that has been in place since the July 6 high of $0.72.

Until the price is successful in breaking out from this line, we cannot confidently state that the trend has reversed.

NULS Chart By TradingView

Impending Breakout

Technical indicators in the daily time-frame are turning bullish, but have not yet confirmed the trend reversal.

While there is a growing bullish divergence in both the MACD and the RSI, the former is below 0 and the latter is below 50. Furthermore, the Stochastic oscillator has yet to make a bullish cross.

A breakout from the descending resistance line would likely mean that the trend has turned bullish.

NULS Chart By TradingView

Wave Count

Cryptocurrency trader @mesawine1 stated that NULS has completed a bearish impulse, and predicted that once it can break over the current moving average resistance, it could increase all the way to $0.31.

Source: Twitter

Since the July 6 high, it does seem like NULS has completed a bearish impulse (shown in black below) after reaching a low on Nov 4.

If the count is accurate, NULS should now create a corrective structure.

While it is too early to determine a target for a correction, the most likely area to act as the top would be found between $0.39-$0.45. This range is both a horizontal resistance level and the 0.382-0.5 Fib levels of the entire decrease.

NULS Chart By TradingView

Conclusion

The wave count and multiple technical indicators suggest that NULS has either reached or is very close to reaching a bottom. A breakout from the descending resistance line would likely confirm the trend reversal.

For BeInCrypto’s latest Bitcoin analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

Share Article

Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

Follow Author

Daily signals, Bitcoin analytics and traders chat. Join our Telegram today!

Let’s Go