NXT Reversal Probability

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.

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