NXS Technical Analysis: Broken Trendline Retest Warns 20% Fall

NXS price shows a bearish retracement to retest the broken resistance trendline, but the increasing selling pressure warns of a downfall to the $0.10 mark. Key technical points: The NXS market value decreased by 3.24% today at press time. The retest phase forms a three black crows pattern, The 24-hour trading volume of the Status is $674,017, indicating a hike of 0.21%. Past Performance of NXS NXS prices start a downfall after failing to sustain above the $0.35 mark resulting in the fallout of all the crucial DMAs. The downtrend results in forming a bearish trendline that has kept multiple bullish attempts within check, accounting for a 73% downfall. However, the buyers step in at the $0.10 mark resulting in the resistance trendline breakout. Source- Tradingview NXS Technical Analysis The bullish breakout of the resistance trendline struggles to surpass the $0.16 mark resulting in a retracement to retest the broken trendline. However, the retest phase forms a three-black crow pattern formation indicating a potential downfall under the resistance trendline. Due to the bullish reversal, the 20 DMA fails to maintain the dynamic bearish pressure that kept the bearish trend in motion. However, the retracement cracks under the DMA and teases a potential fall under the trendline. The RSI indicator shows a retracement cracking under the 14-day SMA after the rejection near the halfway line. Furthermore, the MACD and signal lines showca...