Crypto Contest June 11: NEM
NEM has broken out of the triangle pattern in the four-hour chart.
(Chart courtesy of Tradingview.com)
In Elliott Wave terms, NEM began a wave one advance on January 5. The wave one finished on February 4, and the wave two correction ended on February 25. The wave three advance finished on May 19, and the wave four correction ended on May 27. If this wave count is correct, NEM should be heading next towards the May 19 peak in the wave five.
(Chart courtesy of Tradingview.com)
Looking at the weekly chart, I believe NEM is currently in the wave three (sub-wave v).
(Chart courtesy of Tradingview.com)
If you think this analysis is correct, upvote this post and upvote the comment "NEM will takeout the May 19 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "NEM will drop below the February 25 low".
If you think NEM is in a range, upvote this post and upvote the comment "NEM will stay in a trading range between the February 25 low and the May 19 peak until July 11".
You can upvote the comment until 3 PM EST June 12 and you can upvote only one comment. 50% of SBD from this post will be distributed equally to the winners. The winners will be determined by the price action (which one happens first). Only participants with a Reputation of 35 or more will qualify in the contest.
NEM will takeout the May 19 peak (22 voters as of 3 PM EST June 12: bleujay, bitshares101, yefet, kooshikoo, simonjay, wingz, alexrickard86, ikilledcobain (did not vote the main post), eirik, starline, daniel.dalo, cassidyandfranks, jznsamuel, skririm, poppy.poppers, dirty.hera, ragnaros, mprgrmmr, sarasate, igsamuel, davevandewalle, jinsu5).
I'm most concerned about its market cap - which seems high for something that, IMHO, isn't "mainstream" yet (it misses all the news cycles, which seemed to have been about BTC, XRP, and, this weekend, ETH).
I think folks might be dissuaded when coming in from the sidelines because it's a Top FIVE coin. Really?
That is when technical analysis becomes handy.
As per true application usage NEM is far ahead of the game to most cryptos. It doesn't get much press but the proof is in the pudding and there is a lot going on with real world applications. A sleeping giant comes to my mind.
I'll definitely research more.
LSK is another one that people say has real-world applications, but is mostly unknown. (And with a huge market cap, too.)
NEM will stay in a trading range between the February 25 low and the May 19 peak until July 11 (12 voters as of 3 PM EST June 12: gregory-f, twinner, dinoo, osmanbugra, abh12345, koskl, migo25, avarice, mirda, nicnas, damla, andy23).
You won.
Coolio, thanks for the prize!! Although I wished I hadn't won and NEM price would be much higher :D
You are welcome. We could still take the May peak later this year (I hope).
gets catapult released then?
NEM will drop below the February 25 low (5 voters as of 3 PM EST June 12: spinbunny, ace108, coolthings, thatsweeneyguy, lig007).
NEM will takeout the May 19 peak
Frank APPROVES CONTEST held daily by @maarnio
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Thank you again Frank.
My pleasure @maarnio
Like your "thirds rule strategy". It feels almost like wave three in Elliott Waves.
Thanks @maarnio
It's the STRONGEST!
TBF (ToBeFrank)
It's like having 3 chances and 3 wishes to make 3 times more profits!!!
Thank me later...
Frank III
I thank you now. Thank you for your latest blog.
I sure hope so. I've been holding NEM and it's been pissing me off. thanks, followed.
LIKEWISE :D At least compared to others. But not everything in the portfolio can explode at the same time. NEM will have its merrits again.
I've been holding a lot of nem too and not worried at all nem will see $1 by Christmas I reckon
Yes. It could be ready for the next upleg.
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NEM will takeout the May 19 peak