NULS may recover after achieving this long-term support

NULS (NULS) almost touched the long-term ascending support line that has been in place since March 2020.

There is a bullish reversal signal in the lower timeframes suggesting that an upward move is likely.

Long term support

NULS has fallen since hitting a high of $ 1.99 on April 18th. The trend is clearly bearish, hitting a low of $ 0.3 on July 20th.

The low was made very close to the long-term ascending support line that has been in place since March 2020.

Technical indicators in the weekly timeframe are declining. This is evident when the RSI is below 50 and the stochastic oscillator creates a bearish cross. However, it is likely that there will be some rebound from this support line despite the long-term downward trend.

Weekly NULS / USDT Chart | Source: TradingView

Future movement

Trader @ Mesawine1 sketched the NULS chart and said it could test the midline of the range at $ 0.58.

Source: Twitter

The daily time frame offers a more bullish outlook than the weekly frame signals.

While NULS hit lower lows on June 23rd and July 21st, those lows were combined with a very significant bullish divergence in the signal lines of the MACD, RSI and the stochastic oscillator. These are signs that a ricochet is imminent.

NULS is also moving along the descending resistance line. A break above this line can trigger an upward move towards the next resistance at $ 0.68.

Daily NULS / USDT chart | Source: TradingView

NULS / BTC

The NULS / BTC chart is more optimistic than the USD chart. It erupted over a descending wedge, although the exact slope of the pattern is difficult to determine due to the many long wicks underneath.

The move upward was initiated after NULS hit the support area of ​​1,050 satoshi.

Similar to the USD pair, many bullish divergences have been created.

If the price rises above this, the next resistance is 1,700 satoshis.

Daily NULS / BTC chart | Source: TradingView

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

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