NXT Reversal Probability
Updated
NXT was one of those great investment opportunities a few months back that multiplied its' value against the USD by over 40 times. It went from $0.05 up to $2 all-time high. A truly extraordinary growth has resulted in a very strong correction, sending the price back to $0.13, that is 93% decline in price.
Currently, the lowest point of that correction is $0.127, where RSI oscillator formed a bullish divergence on NXT/USD, suggesting the end of the correction. Further, price broke above the downtrend trendline, adding more assurance to the potential reversal.
However, this could be just a short-term uptrend, where NXT could grow up to one of the strong resistance levels. First is 38.2% Fibonacci retracement level at $0.36, and second is 50% retracement at $0.43. When/if NXT will reach the $0.43 resistance and break above it, only then the longer term uptrend could resume.
Currently, the lowest point of that correction is $0.127, where RSI oscillator formed a bullish divergence on NXT/USD, suggesting the end of the correction. Further, price broke above the downtrend trendline, adding more assurance to the potential reversal.
However, this could be just a short-term uptrend, where NXT could grow up to one of the strong resistance levels. First is 38.2% Fibonacci retracement level at $0.36, and second is 50% retracement at $0.43. When/if NXT will reach the $0.43 resistance and break above it, only then the longer term uptrend could resume.
Note
NXT remains one of the most attractive coins, long and short term... trade activeNote
NXT continues to consolidate, while the buying opportunity is still there.
📱 Telegram: t.me/Tradexcel
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.