NXT/BTC Technical Analysis: Nxt hits 3 month low

After tripling in value in May, Nxt has surrendered virtually all of its gains and is back 0.06 mBTC ($0.035) on BTER. From its June 5 peak, the coin has shed 57%.

It is still well off the 0.04-0.05 mBTC lows reached during April, a difficult period for crypto investors.

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With the declines, the coin has slipped back to 4th in market cap rank, behind a resurgent Ripple. Its total valuation is now $35 million.

The 0.06 mBTC level has recently served as a dependable level of support. However, the current trajectory is showing signs that this level is giving way. Each support point is effectively a composition of points within a support band. Nxt has been challenging successively lower points within this band of 0.06-0.068 mBTC. During the past 36h, it has dwelled toward the bottom of this range. In addition, previous visitations to the support level have taken the form of gradualized pivot points of reversal, typically traded for 24h or more.

Further short-term declines to 0.054-0.057 mBTC appear possible.