October 2018 archive

Altcoin Tier 2 Price Analysis KW 38 – The End for NXT?

This week, NXT fell below USD 20,000 market capital, while Ripple rose massively with a large investment from several banks.

I would have considered DGD and WAVES, but unfortunately none of the Exchanges is represented on TradingView, so I can’t make a meaningful analysis. But in the end both currencies should be mentioned as new emerging currencies

DigixDao has just gone off in the week!

NXT has actually only fallen this week. He didn’t orientate himself on EMA 100 or 200, but dropped much steeper. Today the price has risen abruptly – so at least some people are convinced that the downtrend will come to an end today: The EMA100 is being tested. Ultimately, this is a continuation of a development that started last night: The minimum of the NXT price was at 0.00002413 BTC, since then the price has risen slightly.

The MACD (second panel from above) behaves accordingly: The MACD line (blue) is above the signal (orange) and is currently trying to break through zero – this would speak not only for a short-term but also for a medium-term rise. However, it will first have to be seen how strong the EMA100 is as a resistance. Thanks to the pump, the RSI is currently very bullish at 67, of course.

Whether this bullish trend holds will be seen

The Accumulation/Distribution-Chart (last panel) is since de, 16 September on the rise. In the end it was already a harbinger that the downtrend should come to an end sometime – so you can understand the people who pumped Nxt.

Well – on the one hand the downtrend has been broken, the EMA100 is being tested and the indicators speak a timid bullish language. One should observe the behavior on the EMA100, should it break through this would speak for a rebound.

Ok, you can see that the share price as a whole made a huge leap on September 15th – as emphasized above this may be due to the announcement of a large investment in Ripple. Even if Ripple is the winner, you can see that Ripple has fallen since then.

I think, to analyse the price more closely, we should look at the development since September 18th:

You can see that the price between EMA100 and EMA200 is trapped. It breaks out at short notice – especially on September 19 – but overall it remains in the range between the two moving averages. In this respect, we are dealing with a kind of triangle pattern: EMA100 and EMA200 are approaching each other, but remain resistance or support of the price.

Since today the course tries to rise above the EMA100 and has tried twice to break this resistance. Should it manage this, a further rise in the price is to be expected.

Summary: Ripple (XRP) has risen 12.6% primarily thanks to a massive investment, the currency that performed best this week. The Monero price (XMR) rose by 7.5%, making it the second best currency of the week. The NXT fell 22.6%, below a market capital of 20,000 dollars.

While the EMA200 proved to be a strong support for Monero, so the price has risen again, the big issue this week is Ripple: A massive pump on 15.9., which could be motivated by a big investment, has shot up the price strongly. As considered further below, this is also ultimately the problem: Since this massive pump, Ripple has first fallen off again. NXT, on the other hand, has simply fallen the week and has currently fallen into the Tier 3 regime (below 20,000 dollars).

The MACD (second panel from above) has been rising since September 18th. This is also positive in another respect, as the MACD line (blue) rose above zero today and also pulled the signal (orange) above zero – bullish signs overall.

This picture is confirmed by the RSI (third panel from above): Like the MACD, the RSI has risen since September 18th and is currently at 53 – and thus slightly bullish.

Finally, the Accumulation/Distribution-Chart (last panel) was on a plateau until September 19th, but fell strongly on the same day. Since then, however, the Accumulation/Distribution Chart has been slightly on the rise again, confirming the impressions that the indicators have gained.