Technical Analysis - NIX
NIX/USD - 03/18/2020
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As shown above, we will be updating the technical analysis update of NIX/USD from the 13th of February 2020.
NIX/USD has plunged like many other altcoins as well. It is a massive duty breakdown, which violated all trend support levels or other key-levels. The interesting fact is that NIX is currently below the lowest key-area of support and has basically printed a new All Time Low.
The main concern here is whether NIX/USD can break above the red key-area.
As mentioned above, NIX is right below the previous lowest key-area of support and printing new All-Time Lows. We can see two days ago an attempt to break above, which failed miserably and closed below, showing that NIX or the Altcoin USD market, in general, is still not ready for a breakout and bounce.
Nevertheless, I had a close look at the volume indicator, and each time, in a downtrend, the Volume falls and drops off heavy below the Volume MA(20). It has previously shown local bottoms and causes significant bounces. This indicates that sellers are not really interested in selling the local prices, and the price is moving down more due to a thin and illiquid order book rather than due to a significant amount of sellers being active.
All in all, we can say that NIX/USD is still quite bearish, yet again an experienced trader would look for trades after clean breakout back above the red key-area of support. Should this fail, further All-Time Lows will follow.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!