- The Connect Network crypto price has surged by 131% in the last 2 months.
- The NEXT cryptocurrency price is at the $0.408 level with an intraday gain of 1.39%.
With a push over a critical support level, the price of NEXT cryptocurrency has signaled a rebound. The RSI curve has crossed the 14-SMA from below and is still above the 50 mark, which is bullish territory.
From the end of November 2023, the price of Connext cryptocurrency rose dramatically, rising from $0.05000 to $0.42000. The supply zone was at the top; its price fell a few percentage points and found support at $0.25000.
The chart’s upstream phenomena, created by the previous price action structure, formed an upward parallel channel that NEXT crypto appears to be assiduously following.
Will the NEXT Crypto Price Approach the $0.500 Mark Soon?
On a daily time frame, the NEXT crypto price has been in a bullish trend and is currently at an all-time high. As per the technical chart, the NEXT crypto price is rising by forming higher highs and higher lows. The price is currently trading near the last swing high.
A pullback can be expected if the NEXT crypto price faces resistance from $0.400 and drops to the $0.352 level. If the Connext price defends the $0.350 and surpasses the last swing high, it will record a new all-time high. Besides, a short-term bullish momentum can be observed.
On the other hand, sellers may show interest if the Connext Network price fails to defend the $0.350 mark, leading to a strong bearish trend and may melt to the 100-day moving average. However, selling pressure can be observed, and a bearish trend in a broader time frame can be seen if the price slips below the 100-day EMA and sustains.
Technical Analysis of the NEXT Crypto Price in a 4-H Timeframe
The market capitalization of Connext Network is $43.71 million and its 24-hour trading volume is $3.72 million. The circulating supply of Connext Network is 107,000,000 NEXT, and the total supply is 1,000,000,000 NEXT. On the 4-H time frame, the Connext price is encountering consistent resistance from the $0.410 mark.
If the price forms any bearish candlestick near the $0.410 level, it may drop by 6% in the next few days. If the price manages to defend the $0.390 and rises, it may perform bullishly for the next few days.
Conclusion
Based on the technical analysis of the NEXT crypto price, it appears to be in a short-term bullish trend and has the potential to reach the $0.500 mark soon. However, if the price fails to defend the $0.350 support level, it may lead to a strong bearish trend.
Technical Levels
Resistance: $0.410 & $0.425
Support: $0.370 & $0.320
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.