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Vikram
Jun 18, 2022
by Vikram

NXS Technical Analysis: Sideways Trend Continues To Lose Momentum 

NXS Technical Analysis

Table of contents

  1. Past Performance of NXS
  2. NXS Technical Analysis 
  3. Upcoming Trend
NXS prices showcase a growing bearish influence on the ongoing consolidation range warning of a bearish breakdown. Will the price crack under $0.10?

Key technical points:

  • The NXS market price has decreased 0.90% over the past 24 hours.

  • The price action shows a lateral trend near the $0.10 support level.

  • The 24-hour trading volume of Nexus is $513,432, indicating a hike of 235%.

    • Past Performance of NXS

    NXS prices struggle to sustain a sideways trend between the $0.10 and the $0.16 mark as the bull cycle fails to kickstart. The reversal rally struggling to surpass the $0.125 mark leads to a consolidation trend of a shorter range reflecting increased bearish pressure.

    TradingView Chart

    Source- Tradingview

    NXS Technical Analysis 

    NXS prices fall by 30% over the past ten days and the bullish reversal failure warns of a bearish candle closing below the $0.10. However, sellers must wait for the price action confirmation to avoid a bear trap due to delayed bullish reversal. The RSI slope shows a sideways trend in the nearly oversold zone under the 14-day SMA influence. However, the bullish divergence in the last two dips teases a potential price jump.

    The MACD indicator shows the fast and slow line struggling to maintain the downtrend as the bearish spread decreases. Moreover, the falling trend of the negative MACD histograms represents a high likelihood of a new positive trend. In a nutshell, the NXS technical analysis displays the technical indicators going against the price action analysis. Hence, the price action confirmation remains the ultimate entry signal for traders.

    Upcoming Trend

    The pivot points indicate support levels at $0.10 and $0.060 where the falling NXS prices can take a breather. However, the bullish reversal can drive the prices higher to the $0.16 pivot level.

    Resistance Levels: $0.16 and $0.20

    Support Levels: $0.10 and $0.06

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    NXS Nexus NXS Technical Analysis
    NXS Technical Analysis: Sideways Trend Continues To Lose Momentum 
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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