NAGA's Phenomenal Rise Continues
Konstantin Kaiser | Jul 08, 2021 04:09AM ET
The last 18 months had been phenomenal for the NAGA Group (DE:N4G). NAGA surged over 1621 % during that period. Will it continue to rise?h2 NAGA Monthly Chart
N4G stock surged from $0.542 to $9.3 and with that, NAGA has touched important Fibonacci levels. N4G was previously rejected at the 0,382 fib resistance and found support at the 50-month-ema at $5.6, slightly below the 0,382 Fib support at $6. NAGA even touched the support level of the golden ratio at $4, from which it bounced strongly. This level acts as a significant support zone for the N4G price. If NAGA is able to break through Fib resistance at $9.5, the price could rise to the next important Fibonacci resistance at $15 very soon.
h2 NAGA Daily Chart/h2When looking at lower time frames such as the daily chart, N4G’s uptrend is clearly intact. Since the golden crossover back in March 2020, the bull trend is confirmed. Despite the bullish trend, NAGA has some downward potential. The support at $3.16 marks the lower end of that ranging zone, while the resistance at $9.5 marks the top of it. For now, N4G finds multiple support levels before that level, at the 200-day-ema at $4.9 and at the golden ratio at $4.h2 NAGA Weekly Chart/h2
In the weekly chart, N4G could also establish a golden crossover very soon. This would confirm the ongoing uptrend. The MACD is still showing some bearish movement, but the bearishness is easing and the next upward move could be imminent. It could be that N4G drops back to the golden ratio support level at $4 before a retest of resistance at $9.5. If this level is broken to the upside, the golden crossover might not be far away, which could mark the beginning of a longer uptrend and take N4G to new highs.
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Besides that, fundamentals look great. The NAGA Group reports record revenue of close to USD 14 million in Q1 2021 with an EBITDA of USD 3.7 million and crosses one million registered accounts. On top of that, The NAGA Group soon launches its fin-tech application NAGA Pay, which enables direct payment services supported by all asset classes available on the NAGA Trading Platform.
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