NXT Formed Strong Support, Will It Go Up?

NXT/USD formed a strong support at $0.056, which has been rejected for at least three times now. On the 7th of October there was an attempt to break above the 200 Moving Average as well as downtrend channel but yet close below both. After failing to go higher NXT once again came back to the $0.056 support. The most recent rejection happened just a week ago on the 12th of October and since then price keeps on trading within a very narrow corridor between $0.056-0.075

After failing to go higher NXT once again came back to the $0.056 support. The most recent rejection happened just a week ago on the 12th of October and since then price keeps on trading within a very narrow corridor between $0.056-0.075.

Numerous rejection of the support suggests that NXT could be starting to getting some attention from buyers and could, in fact, start growing. Although it is too early at this stage to think about a safe buying opportunity, the break above the $0.09 resistance, certainly would support NXT and could start sending price higher.

Current support should be watched closely because the break below might have a very negative effect for NXT/USD. At that point, selling will become a priority.

SHARE

LEAVE A REPLY

Please enter your comment!
Please enter your name here