Wrapped NXM (WNXM) Technical Analysis 2021 for Crypto Traders

Wrapped‌ ‌NXM‌ ‌(WNXM)‌ ‌Technical‌ ‌Analysis‌ ‌2021‌ ‌for‌ ‌Crypto‌ ‌Traders‌

In Wrapped NXM (WNXM) Technical Analysis 2021, we use past statistics, price analysis, RSI, RVOL, and much other information about WNXM to analyze the future movement of the cryptocurrency. 

The NXM token itself is created for internal use only under the Nexus Mutual protocol, and all its holders must undergo KYC. Therefore, a wrapped version is created to allow more users to own the token without having to perform KYC. 

Nexus Mutual is a decentralized insurance protocol based on Ethereum that currently provides smart contract cover on the Ethereum blockchain, currently covering all major defi protocols. It provides coverage of smart contract errors, protection from potential errors in smart contract code.

Wrapped NXM (WNXM) Current Market Status

According to Coingecko, the WNXM price is trading at $74.11 with a 24-hour trading volume of $16,993,754, at the time of writing. However, WNXM has decreased by 5.5% in the last 24 hours. 

In addition, WNXM has a circulating supply of 2,231,397 WNXM. Currently, WNXM trades in Binance, OKEx, Hotcoin Global, Huobi Global, and Bitget.

Wrapped NXM (WNXM) Technical Analysis 2021 

The recent development and upgrades might push WNXM to reach new heights. Now, let’s deep dive into the WNXM technical analysis 2021. The daily time frame chart of Wrapped NXM (WNXM) is shown below.

WNXM/USDT Horizontal Channel Pattern (Source: Tradingview)

The horizontal channel trend has the appearance of a rectangle pattern. It consists of at least four contact points. This is because it needs at least two lows to connect, as well as two highs. Buying and selling pressure is equal and the prevailing direction of price action is sideways.

More so, WNXM trades in a range of $79.34. If the price breaks the trend line then it falls to the support level of $43.25. Or else it will reach the resistance level at $124.

Wrapped NXM (WNXM) RSI

The below chart shows the relative strength index (RSI) of WNXM. 

WNXM RSI (Source: TradingView)

As shown in the above chart, RSI remains at 62.84. This shows that WNXM’s price is in a nearly overbought state. This shows that traders have to trade carefully, however, major price reversal could take place.

Wrapped NXM (WNXM) RVOL

The below chart shows the Relative Volume of WNXM. RVOL is an indicator that represents to traders how the current trading volume has changed over a while compared to the past trading volume.

WNXM RVOL(Source: TradingView)

From the above chart, the RVOL of WNXM lies below the cutoff line which represents the weaker participants in the current trend.

Wrapped NXM (WNXM) Moving Average

WNXM’s Moving Average (MA) is shown in the chart below. Moving Average is a part of technical analysis that supports traders to find trends.

WNXM MA (Source: TradingView)

Currently, WNXM is in a bullish state. However, the WNXM price is above 50 MA (short-term), and it has a high chance of moving higher. Furthermore, WNXM’s price is above 50 MA and 200 MA (long-term), so it is completely in a bullish state. Moreover, there is a high possibility of a Trend reversal at any time.

Wrapped NXM (WNXM) Price Comparison With Bitcoin

The below chart shows the price comparison between WNXM and BTC. 

WNXM vs BTC Price Comparison chart(Source: TradingView)

From the chart, we can identify the trend of the BTC and WNXM is moving at the same level as the trend. This indicates when the price of BTC increases or decreases, the price of WNXM also increases or decreases respectively.

Conclusion

With the ongoing developments and upgrades that are taking place within the WNXM platform. Wrapped NXM has a great future ahead in this crypto market. However, WNXM can reach new heights.

Bullish WNXM price prediction 2021 is $105. However, as mentioned above, it may reach great heights, reaching $124, if investors have decided that WNXM is a good investment in 2021.

FAQ

What is WNXM?

WNXM is the governance token for the Nexus Mutual protocol. It is used to purchase cover, vote on management decisions, and participate in claims and risk assessments.

Where can you purchase WNXM?

WNXM is listed on many cryptocurrency exchanges that include Binance, OKEx, Hotcoin Global, Huobi Global, and Bitget.

Will WNXM reach a new ATH soon?

The ongoing developments and upgrades inside the WNXM platform have a high possibility of reaching its ATH soon.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.