- NXT has recently rebounded from support at the $0.030 handle after trading at 18-month lows.
- Support moving forward: $0.031, $0.030, $0.02796, $0.025, $0.02310, $0.020, $0.01613.
- Resistance moving forward: $0.035, $0.03885, $0.040, $0.04627, $0.050, $0.052, $0.06185.
Nxt has seen a 9.74% price hike over the past 24 hours of trading, bringing the cryptocurrency’s current price back up to $0.032. Like the majority of the altcoins in the industry, NXT has seen a tough 7-day trading period where price action has dropped by 17.52%.
NXT is now ranked in 108th position in terms of market cap, with a $31.99 million market cap. The 60-month old project has seen a very stormy 30 days of trading as price action has dropped by 45%. The market is now trading at a value that is a significant 98% less than its all-time high value.
Let us continue to analyze NXT/USD over the long term to gauge the market’s behavior.
Nxt Price Analysis
NXT/USD – LONG TERM – DAILY CHART
As is evident from the long-term perspective above, NXT has practically fallen off the edge of a cliff during the trading year. The market had found a form of relatively strong support during August to mid-November 2018 at a downside 1.414 Fibonacci Extension level priced at $0.061853.
However, we can see that the capitulation was far from over. When Bitcoin began to collapse in mid-November, NXT/USD followed suit and continued to fall until it reached support below at the downside 1.618 Fibonacci Extension level priced at $0.03139.
Let us continue to evaluate the market at a closer perspective and proceed to highlight any areas of potential support and resistance.
NXT/USD – SHORT TERM – DAILY CHART
Analyzing the market at a closer distance, we can see that the market drop during November 2018 had met more specific support at a medium-term downside 1.618 FIbonacci Extension level (drawn in green) priced at $0.02819. This area of support was further re-enforced by a short-term downside 1.272 Fibonacci Extension level (drawn in purple) priced in the same area.
This combined area of support has allowed price action to momentarily rebound as it currently trades directly below the 7-day EMA (blue moving average).
Looking ahead, if the bulls can continue with this newly-found momentum and press on higher, we can expect immediate resistance above to be located at the medium-term downside 1.414 and 1.272 Fibonacci Extension levels (drawn in green), priced at $0.038854 and $0.04627 respectively.
Further resistance above this can be located at the December 2017 low, priced around the $0.05206 handle.
If the buyers can continue to pressure the market higher, then more resistance above can be located at the previous long-term downside 1.414 Fibonacci Extension level (drawn in red) priced at $0.061853, followed by the November 2018 high priced at $0.07164.
Alternatively, if the bears regroup on their previous efforts and push NXT/USD further lower, we can expect immediate support below to be located at the long-term downside 1.618 Fibonacci Extension level (drawn in red) priced at $0.031396.
If the sellers continue to pressure NXT/USD below the $0.030 handle, further support can be located at the combined support level provided at the downside 1.272 Fibonacci Extension level (drawn in purple) priced at $0.02796.
If the sellers then continue further lower, then more support beneath can be expected at the short-term downside 1.414 and 1.618 Fibonacci Extension levels (drawn in purple), priced at $0.02310 and $0.01613 respectively.
The RSI has recently risen back up away from oversold conditions which may indicate that the previous momentum provided by the sellers may be fading. If the RSI can continue to rise higher, we can expect this market to continue to regain some of the recent losses.
Let us continue to analyze price action for NXT relative to BTC over the long term and assess the market movement.
NXT/BTC – LONG TERM – DAILY CHART
From the long-term perspective above, we can see that NXT/BTC has experienced a continued decline since April 2018.
As November began trading, NXT/BTC had broken below the 1,000 SATS handle and continued to drop until reaching support just below the downside 1.414 Fibonacci Extension level (drawn in blue) priced at 800 SATS.
Let us continue to take a closer look at NXT/BTC and highlight any potential areas of support and resistance moving forward.
NXT/BTC – SHORT TERM – DAILY CHART
Upon closer inspection of NXT/BTC, we can see that the market had found more specific support at a medium-term downside 1.618 Fibonacci Extension level (drawn in turquoise) priced at 769 SATS. Over the previous 5 trading sessions, price action has failed to penetrate below this support level and has recently rebounded from here.
Moving forward, if the bulls can continue to climb higher, they will encounter immediate resistance above at the previous downside 1.414 and 1.272 Fibonacci Extension levels (drawn in turquoise), priced at 815 SATS and 848 SATS respectively.
If the buyers continue to push price action above 848 SATS, more resistance above can be expected at the short-term bearish .382 and .618 Fibonacci Retracement levels, priced at 877 SATS and 956 SATS respectively. Significant resistance above this can then be located at the 1,000 SATS handle.
On the other hand, if the bears begin to push NXT/BTC lower again, we can expect support below to be located at the 800 SATS handle, followed by the downside 1.618 Fibonacci Extension level (drawn in turquoise) priced at 769 SATS.
If the sellers continue to drive price action even further below the 769 SATS handle, further support below can be located at 750 SATS and 700 SATS, followed by a short-term downside 1.272 Fibonacci Extension level (drawn in purple) priced at 662 SATS.