The Next Crypto to Rally? Nextcoin Showing Bullish Signs

Nextcoin (NXT) is trading down by 8.2% on the DGEX exchange in today’s trading. Still, one NXT now gets you

Nextcoin (NXT) is trading down by 8.2% on the DGEX exchange in today’s trading. Still, one NXT now gets you 80 μBTC (7.8¢), which is 12.5% higher since last reported when NXT doubled in the span of a few days.

In fact, NXT continued to rise further during the interim, peaking as high as 140 μBTC, effectively re-doubling its value by last Tuesday and grossing almost a 300% return since the start of its latest run-up.

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NXT was among several altcoins such as Dogecoin posting impressive multi-fold gains over the period and still holding onto their gains.

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Even after steeply coming off their peaks- NXT giving back 42% in the process- these altcoins have quietly made their way up the ranks, well into the top 10 based on market cap. NXT has replaced Mastercoin in 5th place among all coins and variants and has its sights set on Peercoin, which up until now appeared untouchable in 4th. NXT’s market cap is currently $70.5M.

NXT/BTC 10-day chart
NXT/BTC 10-day chart. Source: Cryptocoincharts

Although the underlying architecture between NXT, DOGE and other alts varies widely, their recent trading behaviors have correlated closely. Much of their recent gains can be attributed to their getting added to various exchanges. In NXT’s case, its initial doubling occurred as it was added to Bter, and shortly thereafter NxtChg, which specializes in NXT. These are in addition to DGEX, also dedicated to NXT.

There has been mounting pressure as well to have it added to Cryptsy, which is often favored by altcoin traders for its user-friendly interface and know-how in dealing with altcoins. It is believed that Cryptsy is best configured toward coins based off of Bitcoin’s code, which would complicate NXT’s addition due to its claimed code originality. Should it get added, it is entirely possible for NXT to explode multi-fold once again and even surpass Peercoin in market cap.

NXT is also showing signs of an impending rally based solely on its technicals. After its initial run-up, NXT has established a stable-looking support level of 70-80 μBTC (creeping up toward 90 μBTC), higher than its previous floor of 30-40 μBTC. Its peaks are also successively higher, suggesting the next run-up can see it establish new highs.

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