Nexus (NXS) Technical Analysis – Building Base Before Lift-Off?

Blockchain technology is revolutionizing digital industries worldwide. For the first time in history, value can be transmitted fast and securely without an intermediary bank or third party.

The Nexus (NXS) framework further builds and improves upon the blockchain protocol. The platform focuses on three core principles: efficient and scalable code, enhance security and revolutionary hardware networks.

For maximum efficiency, NXS created the lower-level database, a specialized lightweight database built from the ground up, that drastically improves speed and processing power.

As the network and node count grows, the Nexus framework organically scales to keep up with increasing transactions. In addition to efficiency and speed, Nexus’ advanced security protects against quantum computer attacks by using large, one-time use keys and 1024 bit hashes.

With trust keys, nodes further secure the network and build up trust. In exchange, Nexus nodes earn a higher reward for their trust, giving them a larger minting rate.

Using advanced Hardware, Nexus is actively working with the aerospace industry to launch low Earth orbit cube satellites that further connects users and secures its data.

Using satellites, ground stations, and mesh networks, NXS is linking the blockchain with communications technology to provide a fully decentralized internet.

With a bit of background out of the way, let’s take a look at the Daily Chart of NXS below to see what the technical picture portrays and what may be in store for both investors/traders moving forward.

As we can observe from the daily chart above, NXS has and continues to build a long drawn-out base, which has been in development for just over three (3) months now.

While NXS presently finds itself residing beneath its 200 day moving average (red line), it’s also currently trading above both its 20 (yellow line) and 50 (blue line) day moving averages, which is a display of short and intermediate-term relative strength as well as a decent technical posture.

Furthermore, on 5/29/18, we can witness that NXS ‘popped’ out top-side and has since been consolidating the recent thrust in an orderly fashion within a Flag formation, which we believe, deserves close attention moving forward in the days ahead.

Thus, let’s have a look at some levels that both investors/traders may want to monitor for further clues/evidence with respect to direction.

If, at any time in the days ahead, NXS is capable of clearing the 2.85 hurdle, such feat, should it materialize, would more than likely trigger its next advance with a price objective in the $4 – $5 zone. On the flip-side of the coin, short-term potential support can be found at the 2.20-2.30 area with more meaningful support residing at the 1.80 level.

While the entire cryptocurrency space continues to display murky waters, NXS finds itself in base-building mode and ‘appears’ that a move up-and-out of its flag and base may be imminent and in the cards, which from our perch, requires close attention and eyes in the days ahead.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Charts courtesy of tradingview.com

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