Analyzing NMR Bullish Symmetrical Pattern: Breakout ForecastThe NMRUSD pair holds strong support at $11.80, presenting significant potential for a bullish move. If this support level holds, we can expect a notable gain. However, if this support breaks, the next strong support is at $10.66, where a bounce is anticipated due to the proximity of a bull run and the nearing approval of the ETH ETF. We can expect market bullishness in Q4 2024, accompanied by high volatility and substantial rises typical of bull runs.
Anticipated Bull Run Targets:
Based on historical data and calculations, NMRUSD's minimum target during the bull run is projected at $360. If it can flip the $360 resistance by February 2025, we might see a maximum target of $1000. NMRUSD, listed in 2017, has formed a symmetrical triangle pattern expected to break out during the 2025 bull run. Historically, prices have shown unexpected pumps during bull markets, and similar volatility is expected this time.
Strategic Long Position Management:
Considering the resistance zones and the potential pattern breakout, it is crucial to maintain active trades while monitoring these levels. Plan to exit long positions around March or November 2025, as the bull run is likely to end during this period.
For continuous updates and in-depth analysis, follow us on TradingView to stay ahead with our trading ideas and market insights.
