NMRUSDT Breaks $8.80 Resistance—But RSI Signals Overbought Caution

Summary
• Price broke above key resistance at $8.80 after a bullish engulfing pattern at $8.75.
• RSI shows strong momentum with potential overbought conditions near 70, signaling caution.
• Volatility expanded as price traded within a 9.2% range, with peak turnover near $36.7k during the early ET session.
• Bollinger Bands constrict after 05:00 ET, hinting at a possible consolidation phase.
• Fibonacci retracement levels suggest $8.72 and $8.85 as probable next support and resistance.

NMRUSDT opened at $8.69 on 2026-02-01 12:00 ET, reached a high of $9.01, touched a low of $8.52, and closed at $8.82 as of 2026-02-02 12:00 ET. Total volume was 23,789.58 with $208,428.60 in turnover over the 24-hour period.

Structure and Key Levels

Price action revealed a distinct bullish bias, with a strong break above the $8.80 resistance level, supported by a bullish engulfing pattern on the 5-minute chart at $8.75. The $8.85–$8.90 zone appears as a new short-term resistance, while $8.72 acts as immediate support. A doji formed at $8.81 suggests indecision, but overall trend strength remains intact.

Moving Averages and Momentum

Short-term 20/50-period SMAs on the 5-minute chart crossed bullish in the final hours of the session, confirming the upward thrust. Daily 50/100/200 SMAs are aligned lower, suggesting potential for further near-term strength against the longer-term trend. RSI pushed into overbought territory near 70, indicating potential for a pullback or consolidation phase.

Volatility and Bollinger Bands

Bollinger Bands reflected increased volatility during the late ET session, with price trading near the upper band. A contraction occurred around 05:00 ET, signaling potential for a breakout or continuation move. Price has remained above the 20-period SMA, suggesting continued directional bias.

Volume and Turnover Analysis

Volume spiked significantly at $8.81 and $8.90, with the largest single candle turnover reaching $36.7k at $8.81. Turnover confirmed the strength of the move above $8.80, with no major divergences observed between volume and price.

Fibonacci Retracements

Key Fibonacci levels from the recent $8.52 low to $9.01 high suggest $8.72 (38.2%) as support and $8.85 (61.8%) as resistance. Price tested the 50% retracement at $8.76 and found immediate buying interest.

Forward-looking, NMRUSDT may test $8.85 resistance in the next 24 hours if bullish momentum continues. However, a pullback into the $8.72–$8.76 range could signal exhaustion, particularly if RSI fails to stay above 60. Investors should remain cautious of potential overbought divergence and monitor for confirmation from both volume and MACD.