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NULS Falls Back to Support, Makes a Bullish Pivot

2 mins
Updated by Kyle Baird
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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.
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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 Outlook
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 Technical Indicators
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.
Nuls Movement
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 Wave Count
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.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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