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.

With the declines, the coin has slipped back to 4th in market cap rank, behind a resurgent Ripple Ripple Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Read this Term. 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.